What’s Next for Bitcoin?
BTCUSD4-Hour Chart Analysis
Bitcoin is currently trading at 95K during the European session and is showing signs of forming an Ascending Broadening Wedge, which traditionally indicates a long-term bearish trend. However, the 4-hour and 5-hour volume data do not yet align with the expectation of a price drop.
So, what’s next?
While the Broadening Wedge is typically bearish, the structure appears incomplete. Bitcoin is currently trading just above the lower trendline of the Rising Broadening Wedge, which serves as a strong support level. Based on this support, we anticipate the price will likely begin a bullish cycle from this level, eventually breaking through the ultimate psychological resistance at 100K and targeting 110K.
We believe that upon reaching around 110K level, the market structure will complete. At that point, we will provide further analysis on what to expect next. Stay tuned for updates!
Key Levels:
Strong Pivot [ Support]: 87,500
Ultimate Resistance: 100k
Price Target: 110k
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Transaction en cours
Ultimate Resistance: 100k Reached
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.