$BTC Market Trend: Consolidating, Awaiting Breakout
Trade Signal (Long)
Entry 1: $115,800 (Entry on consolidation)
Entry 2: $116,000 (Entry on breakout above resistance)
TP1: $117,000
TP2: $118,000
TP3: $120,000
TP4: $123,000
Stop-Loss: $112,500
Why This Trade?
Bitcoin is currently in a consolidation phase with the Bollinger Bands contracting, which indicates a period of low volatility and often precedes a significant price breakout. The long-term trend remains positive, and the current consolidation may be a base for a continuation of the upward move. A breakout above the current resistance is needed to confirm a strong new uptrend.
Support & Resistance Levels
Support: $112,700 • $111,200 • $106,000
Resistance: $114,700 • $123,000
Market Update for BTC (BTC)
The short-term trend for Bitcoin is currently mixed-to-negative following a breakdown from a short-term trend channel. However, the long-term trend remains positive, with a rising trend channel suggesting continued optimism among investors. Traders are waiting for a decisive move to determine the next trading opportunity.
