Technical Analysis
Pattern Formation: A falling wedge was completed near the Support level around $92,910, triggering a sharp bullish breakout.
Breakout Confirmation: Price has broken out of the wedge with strong momentum, suggesting buying pressure.
Current Price: ~$97,045 at the time of analysis.
High Zone: $97,895 serves as an immediate price hurdle before retesting resistance.
๐ฏ Trade Setup
Entry: Around the current price levels ($97,000 zone).
Target: $98,813 โ aligned with a significant resistance zone and Fibonacci target area.
Stop Loss: $94,375 โ just below the previous swing low and wedge base, offering a good risk-to-reward ratio.
๐ Key Levels
Support: $92,910 (strong demand zone).
Resistance: $98,813โ$98,855 (target zone).
Invalidation: Below $94,375 where the structure would break down.
๐ง Conclusion
This chart suggests a bullish continuation following a textbook falling wedge breakout. Traders may consider entering on pullbacks, with a well-defined stop loss and a clear target near the next resistance level.
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๐ BTC/USDT โ Bullish Breakout from Falling Wedge | Targeting $98.8K
[
Bitcoin has recently broken out of a well-defined falling wedge pattern on the 1-hour timeframe, signaling a potential bullish continuation toward the next resistance zone. This pattern, combined with a strong bounce from a key support level, sets the stage for a high-probability long setup.
๐ Technical Breakdown
Falling Wedge Formation
Over the past few days, BTC/USDT consolidated in a falling wedge โ a bullish reversal pattern characterized by converging trendlines and declining volume. This indicates weakening bearish momentum and the possibility of a breakout.
Support Rejection
Price found solid support around $92,910, a previously tested demand zone. This level has held multiple times and aligns with the lower boundary of the wedge. The recent strong bounce confirms bullish interest in this zone.
Breakout and Retest in Play
BTC has decisively broken above the wedge resistance line with an impulsive move, showing strong buyer commitment. Price is now consolidating slightly above the breakout zone, suggesting a potential retest before continuation.
๐งฎ Trade Plan
Entry Zone: Current levels around $97,000 or on a minor dip toward the breakout retest zone.
Target Zone: $98,813โ$98,855, which lies just below a broader resistance band and psychological round number ($99,000โ$100,000). This is the projected move based on the measured wedge height.
Stop Loss: Below $94,375, offering a logical invalidation level beneath the wedge structure and local swing low.
Risk/Reward: Favorable R:R ratio of approximately 1:2 or better.
๐ Key Levels to Watch
Support: $92,910 โ the base of the recent reversal.
High (Interim Hurdle): $97,895 โ short-term resistance that price is currently testing.
Target Zone: $98,813โ$98,855 โ aligns with prior resistance and Fibonacci extension levels.
โ ๏ธ Market Context & Caution[/b
Watch for confirmation of support holding above $96,000โ$96,500 before adding to positions.
A failed retest or breakdown below $94,375 would invalidate the bullish structure and suggest reevaluation.
Monitor broader market sentiment and macroeconomic catalysts (e.g., interest rate news, stock market correlation) that could affect BTCโs momentum.
๐ง Summary
Bitcoin is showing signs of strength after completing a textbook bullish reversal pattern. With a clean breakout from the falling wedge, a well-defined stop, and a logical target near resistance, this setup offers an attractive long opportunity for swing traders and scalpers alike.
Trade with discipline, always manage risk, and never chase the market.
#Bitcoin #BTCUSDT #CryptoTrading #TechnicalAnalysis #Breakout