Bitcoin has witnessed a strong breakout of the descending triangle pattern on the hourly chart (1H) ๐, which enhances expectations of the beginning of a new upward wave! But success depends on:
๐ The critical condition:
It is essential to hold the price above the vital support level of $109,500 ๐ก๏ธ. This barrier has become key to confirming positive momentum.
๐ฏ The bullish scenario (in case of consolidation):
- Reaching $111,500 (first resistance area) ๐ฏ.
- Then breaking through $113,000 (potential new peak) ๐ฉ.
- The rise may be accompanied by liquidity accumulation before continuing to rise.
โ ๏ธ Bearish warnings (in case of a breakdown):
- If the price closes below $109,500 with a clear candle ๐, it is expected:
- A rapid decline towards $108,000 (psychological support).
- Then testing $107,300 (potential buying area).
- The RSI indicator indicates overbought conditions (70.53) ๐, enhancing the chance of a short correction before any sharp rise.
๐ Technical note:
Trading above the 50-period moving average on the hourly chart supports the upward trend, but monitoring is essential due to high volatility โก.
