🟢$BTC/USD POTENTIAL BULLISH SCENARIO – Targeting $105,000 - $106,000 🚀
The daily chart for BTC/USD shows a compelling bullish setup. We've seen Bitcoin break above a significant lower high resistance level, indicating a potential shift in the short-term trend. Furthermore, the chart highlights several "gaps" that have been filled, often seen as bullish signals as price tends to revisit and close these areas of imbalance.
Currently, Bitcoin is trading around the $97,000 level and appears to be riding above the upward-sloping trendline (in red). The 50-day Simple Moving Average (blue line) also seems to be acting as dynamic support.
Potential Bullish Path:
If Bitcoin can maintain its position above the $95,000 - $96,000 zone (which includes the recent breakout level and the 50 SMA), the next significant target appears to be the $105,000 - $106,000 resistance area, marked by a previous high. The green shaded areas indicate potential upside moves of around 15% if these targets are reached.
Important Considerations:
• Resistance Zone: The $105,000 - $106,000 area is a significant resistance level. Expect potential profit-taking or consolidation in this zone.
• Support Levels: The $95,000 - $96,000 zone and the upward trendline are crucial support levels. A break below these could signal a weakening of the bullish momentum.
• Volume: Monitor trading volume for confirmation of the bullish moves. Increasing volume on rallies would add more conviction to the upside scenario.
• Market Sentiment: Overall market sentiment and news surrounding Bitcoin will play a crucial role in its price action.
Overall Outlook:
The chart suggests a bullish bias for BTC/USD in the short to medium term, with the $105,000 - $106,000 area as a primary upside target, provided key support levels hold.
Disclaimer:DYOR and NFA.
Buy and trade $BTC
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