$BTC

๐Ÿงพ 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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๐ŸŸข 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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๐Ÿ”ด Bearish or Caution Flags

1. Strong Resistance at ~106,500โ€“112,000: 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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๐Ÿ“Š Strategy Suggestions

Scenario Action

Breaks above 107,000 Possible long entry, target 111K+

Rejects at 106,500โ€“107K Watch for short setups back to 103,000

Loses 103,000 (0.236 Fib) Deeper retrace likely toward 97,000โ€“93,000

Volume dries up near top Consolidation likely before direction is clear

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๐Ÿ“Œ 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 103Kโ€“97K support zones.

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