BTCUSD is holding above a key dynamic support zone at the lower boundary of its ascending channel, with current price action signaling a potential continuation to the upside. This long setup is supported by multiple bullish confluences.
✅ Bullish Confluences:
Fibonacci Retracement Support: Price respected the 38.2%–61.8% Fib retracement zone between $113,769 and $110,828, confirming a strong demand area.
Trend Structure: Clear higher low formation on the daily chart, maintaining the bullish channel pattern.
EMA Cloud Support: Price remains above the multi-band EMA cloud, showing sustained bullish pressure and trend bias.
Channel Support: Bounce from the ascending channel’s lower trendline, keeping structure intact.
Bullish Candlestick Formation: Daily candle holding above key support with buying pressure evident.
Ideal entry would be between 113k and 114500.
🎯 Fibonacci-Based Targets:
TP1 – $123,285 (38.2%): Initial resistance and reaction zone.
TP2 – $126,225 (61.8%): Mid-extension target, aligns with prior swing high zone.
TP3 – $130,983 (100%): Full measured move to the channel top.
SL: Placed just below the 61.8% retracement (~$110,800), protecting against a breakdown of the bullish structure.
Trade at your own Risk 👍
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