BTC/USDT. Here’s the analysis:
The price is following an ascending channel or bullish flag formation, indicating a strong upward trend.
BTC recently experienced a retracement but remains above key support levels, keeping the structure intact.
The lower trendline of the channel, currently around the $96,000-$97,000 range.
Resistance zone: If the breakout occurs, the target aligns with the projected flagpole, suggesting a potential move beyond $100,000.
The price is supported by the 50 EMA (red), which is aligned with the trendline, indicating that the bullish trend remains intact.
Volume confirmation is crucial to validate the upward breakout.
A successful breakout above the current consolidation could take BTC towards $110,000, as shown by the upward arrow.
A breakdown below the support will invalidate the pattern and could lead to a retest of lower support zones ($94,000 and below).
Watch for a breakout above $98,000 with strong volumes for long entries.