Patterns and Structure:
Bitcoin remains inside a larger converging structure (symmetrical triangle/wedge) visible from the diagonal trendline.
The price has recently broken above the descending resistance trendline but is hovering near the red resistance area (~$109,000–$110,000).
Ichimoku Cloud:
The price is currently above the Ichimoku Cloud, which acts as support (~$107,000–$108,000 area).
The cloud below the price is green, indicating bullish momentum.
Key Areas:
Resistance Area: $109,000–$110,000 (red box). Multiple previous rejections from this area.
Support Zone: $106,000–$107,000 (cloud and trendline support).
Key Lower Support: The green box near $98,000–$100,000, in case of a deeper retracement.
Possible Scenario:
As your blue arrow suggests, if Bitcoin consolidates above the breakout level (~$108,000), a rally towards the next major resistance between $112,000–$114,000 is likely.
Conversely, losing the breakout zone could see BTC return to retest lower support levels around $106,000 or $100,000.
Short-term Outlook:
The trend bias remains bullish as long as BTC stays above ~$107,000.
Monitor price reaction to the red resistance zone for breakout confirmation or potential rejection.
Conclusion:
BTC is showing signs of strength, but the $109,000-$110,000 resistance zone is crucial. A confirmed breakout above this zone could accelerate the move towards the $112,000-$114,000 targets.
Stay tuned for updates and key levels to watch!
Thanks for your support!
DYOR. NFA