Initially, the price was trading inside a well-defined range, moving sideways with repeated rejections from both support and resistance.
After several attempts to stay above the support zone, BTC finally broke down and sharply declined below the 104000 level, entering the buyer zone.
However, the decline was short-lived. Price quickly rebounded from the lower boundary and formed a strong bullish candle, suggesting that buyers were still active.
After this recovery, BTC began forming a wedge pattern, with a gradually narrowing structure between the resistance line and the ascending support line.
This kind of price action typically signals a buildup of pressure and potential breakout. Currently, BTC is once again testing the support line of the wedge and hovering near the buyer zone, where it previously reversed.
This level has proven significant and is now being retested. Given the current structure, the wedge formation, and price behavior near the support, I expect BTC to rebound from this zone and start climbing back toward the upper resistance area.
My current TP 1 is set at 106800 points, which aligns with the mid-level of the previous impulse zone and the inner resistance of the wedge.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
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