š Bitcoin: A New Year's Rally? š
Happy New Year, Traders! š
I see a potential bullish setup brewing for Bitcoin! š Let's dive in:
Engulfing Zones:
These areas on the chart represent significant price action where strong buying or selling pressure absorbed opposing orders.
The recent engulfing level near $93,500 is a key resistance point to watch. ā ļø
Support & Resistance:
Support: š”ļø The $91,000 - $92,000 zone has held strong, indicating a solid support base.
Resistance: šÆ First resistance lies at $93,500 - $95,000. A major resistance level sits at $97,271.
Bullish Structure:
Higher lows are forming, suggesting a gradual accumulation of buying pressure. š
Potential Breakout:
A break above $93,500 could signal a move towards $95,000 and potentially even $97,271. šÆ
Scenarios:
Bullish:š A sustained move above $93,500, coupled with higher lows, points towards a bullish trend.
Bearish:š» A break below the $91,000 - $92,000 support zone could signal a bearish reversal.
Important Note: ā ļø Trading cryptocurrencies involves significant risk. Always conduct your own research and invest wisely.
Stay tuned for further updates! š
