The BTC price, as expected, has exited the triangle and range upwards. It has updated the ATH to $93,905.
After breaking the triangle and the significant level of $92,389, the price reached the ascending trend line from November 5. This line acted as support for the entire rise until November 17, and now it is resistance.
As long as this resistance is not broken, it is too early to speak of a continuation of the bull run; the price is still in the range we mentioned. It has simply raised the level of the upper boundary of the range. Additionally, let’s remember that even if this local range is broken and the price goes even higher, there is a high probability that the high set by the current weekly candle will become the high for the upcoming weeks. The price will still be in a range, but on a larger scale. To break this scenario, the asset needs to go above $100,000 already this week or next week.
Currently, the asset has received a reaction from sellers at the trend line from November 5, and there are signals of a potential high on the 30-minute timeframe.
#BTC is correcting, it has returned to test the significant level of $92,389 and the upper part of the broken triangle as support. So far, unsuccessfully.
At the 15-minute timeframe, the asset already has a potential low, and if the signal works out and provides a rebound above the broken supports, it is a chance for a successful retest. For now, at this timeframe, the price has returned to a stable downtrend, which is a negative for growth prospects. However, in recent days, the targets of this signal either partially fulfill or do not fulfill at all. The strength of buyers remains.
If the price can break the trend line from November 5 on the second attempt, the nearest targets for momentum will be $94,814 and $95,920. These levels are the extremes in the cluster of additional targets according to our indicator.
Such clusters perform well historically. They often work out with momentum.
Growth to $95,000-$96,000 in this case will be the basic scenario. Bolder targets include the area of $97,591 and $98,033. Growth above that is already abnormal zones for the asset right now (which is not such a problem for a bull run). $100,000 is already so close. But even in the case of its test, many traders and investors like to place orders at round numbers. Plus, the significance of this target, which has been awaited for four years. The probability of correction from it is very high.
It is important how today’s candle closes - above or below the level of $92,389 and the upper part of the triangle. If below, one can expect a continuation of the decline - another test of the levels $90,661 and $89,365. Also, the nearest important EMA - EMA 50 of the four-hour timeframe (currently at $88,605). If above, the expectation of growth remains.
The situation is currently defined by the level of $92,389.
