BTC Price Analysis: 📈 Bitcoin's 1-hour chart displays a clear ascending triangle pattern, considered a bullish structure. The price is compressing between a rising trendline providing dynamic support and a strong horizontal resistance level at approximately $112,700.
Key Observations:
- Volatile "Fakeout": 📉 The recent price action shows a sharp move above resistance, followed by aggressive selling, likely designed to trap breakout traders and shake out weak hands.
- Whale Accumulation: 🐳 On-chain data suggests strategic accumulation, with whales absorbing supply generated by volatility and positioning for a sustained breakout.
- Current Price: 💸 $110,166.92 (with a -0.37% change)
Technical Insights:
- Ascending Triangle: 📊 A bullish chart pattern indicating potential upward momentum.
- Support and Resistance: 🚨 Key levels to watch are $110,000 (support) and $112,700 (resistance).
Trading Strategy:
- Buy the Dip: 💰 Consider buying BTC on dips, with potential targets at $112,700 and $115,000.
- Breakout Potential: 🚀 A sustained close above $112,700 could lead to a powerful breakout.
Market Sentiment:
- Bullish: 📈 The underlying trend suggests whales are patiently accumulating, positioning for a more sustained and powerful breakout.
- Volatility: ⚠️ Expect potential price swings as whales engineer liquidity ¹.
