A trading analysis,📊 $BTC

The "W" double bottom pattern at two points on April 7 and 9 at 74.xxx. This is a classic pattern that shows strong support, followed by a ChoCH at 84.xxx and forming a market structure of HH-HL. There was an inducement at the point of 78.xxx which then continued to make a new high up to 86.xxx showing that buyers continue to dominate, forming a consistent uptrend.

📈Support from bullish indicators is seen on MACD (1.374, MACD line above Signal line) ROC (3.61) Positive price momentum has been strengthening for the past 7 days and the OBV trend shows increased buying interest and a significant recovery from a pullback 7 days ago, supporting a bullish outlook.

⚠️Be cautious of a 50% fibo correction at 82.xxx - 81.xxx but a small correction may occur at 83.xxx before continuing the bullish trend to new highs up to the points of 88.xxx - 92.xxx. The RSI indicator is approaching overbought conditions indicating that the risk of a pullback increases if RSI exceeds 70. The CCI indicates overbought conditions that could trigger a small correction if selling pressure emerges, and the ADX trend strength is still in a developing stage with potential reversal also indicating that the trend could weaken if momentum does not sustain.