$BTC
๐งพ Chart Overview Summary
Current Price Region: Around 105,000 USDT
Fib Levels Highlighted:
0.0 โ 111,954
0.144 โ 106,563
0.236 โ 103,119
0.382 โ 97,653
0.5 โ 93,236
0.618 โ 88,818
0.786 โ 82,529
Major Resistance Zone: 111,954 (recent top) and the orange-shaded supply zone between ~114,000 and 125,000.
Support Zones: 103,119, 97,653, 93,236.
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๐ข Bullish Signals
1. Bounce from 200-Day MA: The price has recently bounced from the 200-day moving average, indicating long-term support strength.
2. Higher Low Structure: Market appears to have respected the 0.236 Fib retracement and bounced upward โ this shows buyers defending support.
3. Descending Channel Breakout Attempt: Price is testing the upper resistance line of a descending channel (dashed yellow). A breakout would suggest a trend reversal or continuation of the prior uptrend.
4. Volume Spike: Recent bullish candles are supported by volume increases, which confirms momentum.
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๐ด Bearish or Caution Flags
1. Strong Resistance at ~106,500โ112,000: Price needs to close above 106,563 (Fib 0.144) and eventually break 111,954 to confirm a bullish continuation.
2. Stochastic RSI is in Overbought Zone: Indicates potential for short-term cooling or consolidation.
3. Bearish Channel Still Intact (unless clearly broken with volume and close above ~107,000).
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๐ Strategy Suggestions
Scenario Action
Breaks above 107,000 Possible long entry, target 111K+
Rejects at 106,500โ107K Watch for short setups back to 103,000
Loses 103,000 (0.236 Fib) Deeper retrace likely toward 97,000โ93,000
Volume dries up near top Consolidation likely before direction is clear
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๐ Conclusion
Bitcoin is at a key technical decision point. If it breaks and holds above the descending channel, we may see a run toward 111K and potentially 114K+. But failure to break this resistance could send BTC back down toward 103Kโ97K support zones.