Current Setup:
BTC/USDT is trading within an ascending channel, characterized by higher highs and higher lows, signaling an uptrend.
Recently, the price has been consolidating in a horizontal range near the upper part of the channel:
Range: ~97,000 to ~98,000 USDT
๐ Key Observations:
1๏ธโฃ Support Levels:
The lower boundary of the ascending channel
The range bottom (~97,000 USDT)
2๏ธโฃ Resistance Levels:
The range top (~98,000 USDT)
The channel's upper boundary
3๏ธโฃ Potential Scenarios:
Bullish Continuation:
A breakout above the range could trigger a move toward the channel's upper trendline, confirming bullish momentum.Trend Reversal:
A breakdown below the range may result in a retest of the channel's lower boundary for support.
๐ What to Watch:
Volume: Look for a volume spike to validate breakouts or breakdowns.
Price Action: Monitor candlestick patterns near the key levels for further confirmation.
๐ฏ Levels to Watch:
Breakout above 98,000: Bullish continuation
Breakdown below 97,000: Bearish retest
Stay sharp and trade wisely!
