By analyzing the daily (1D) chart of Bitcoin #BTC

Using several indicators and observing the pattern formed over the previous period of time

We note the following:

Descending Channel :

The clear descending channel in the chart indicates that #Bitcoin has been moving within a limited range of falling highs and lows for a period of time, which helped form a descending consolidation channel, and this gives a positive indication of a possible trend reversal.

The EMA 50 line on the chart is also below the trading price and is trending upwards, indicating that the overall trend of Bitcoin is still positive. The price being above the EMA 50 confirms that there is bullish momentum in the short to medium term.

Support and resistance levels:

Support: The green area below around $52,780 is a strong support area, as the price has bounced off it more than once.

Resistance : The potential target levels for the rise are located at $66,439 and $75,564, as these areas represent potential resistances if the price reaches them in the future.

Expected scenario:

Positive : With the downward channel broken, we can expect the continuation of the rise towards the upper levels between 66,000 and 75,000 in the short and medium term.
It may reach levels of 80,000 by the beginning of 2025.

Correction : A price correction could occur to test the support level at 53,000 if the price trades and closes below the 50 EMA before resuming the rise.

Overall, the analysis suggests that Bitcoin is in a positive position in the medium term as the break of the descending channel to the upside with strong momentum supports the possibility of the bullish trend continuing.

The confirmed negative is that if the descending channel is broken and traded below 53,000, then we can say that the market may have ended the upward wave and started a Bear market wave.
Otherwise the situation is still positive.

#WeAreAllSatoshi #moonbix #NeiroOnBinance