#CryptoTariffDrop Bitcoin has experienced a strong price surge from a low of $109,356 to a high of $82,830. This is a long-term bullish trend, but is currently in a correction phase.
Current price pattern: There is a "Cup and Handle" pattern, which is a bullish continuation pattern. This pattern often signals that after a correction (the handle part), the price may continue to rise. The current price is in the "handle" area of the pattern, indicating potential accumulation before a breakout upward.
Support and resistance: Support: The price area around $76,000 is marked as a strong support zone.
Resistance: The price area around $109,356 (the highest point) is an important resistance level. If the price breaks above this level, the next target could be $112,000.
VWMA (Volume Weighted Moving Average): The current price is below the VWMA line, indicating selling pressure in the short term.
OBV (On-Balance Volume): Accumulation volume indicator. OBV is trending upwards, indicating that buying volume still dominates in the long term, supporting the bullish price trend.
MACD (Moving Average Convergence Divergence): Bearish divergence indicates that bullish momentum is weakening. This may signal a deeper correction before the price continues to rise.
RSI (Relative Strength Index): The bullish momentum is decreasing. RSI may be in the overbought region previously, leading to the current correction.
Ichimoku Cloud: The current price is above the cloud, which is a long-term bullish signal. However, if the price breaks below the cloud, the trend may reverse to bearish.
If the price holds above the support area of $76,000 and breaks through the resistance level of $109,356, Bitcoin could continue to rise to the $112,000 area or higher. The "Cup and Handle" pattern supports this scenario, with the price target calculated by adding the height of the "cup" to the breakout point.
BTC bearish: If the price breaks below the support area of $76,000, Bitcoin could drop further to the $60,000 area or lower, where there is support from the Ichimoku cloud and previous lows. Bearish divergence on MACD and RSI indicates the possibility of a deeper correction in the short term.
A good position could wait for the price to correct to the support area of $76,000 to buy in, with a long-term target of $112,000. If you are trading short-term, be cautious of bearish divergence signals on MACD and RSI. You may wait for confirmation of a breakout above $109,356 to buy, or wait for the price to drop to $76,000 to look for wave-catching opportunities.