• Locally, we're trading within an upward-sloping channel while maintaining a #bullish market structure.
• However, it's important to know that upward-sloping channels often break to the downside. This is because they create weak support levels below, which can lead to a faster price drop if the channel is broken and lost.
• If we start to see signs of weakness— such as losing key levels like 85k & 90k $ ( breaking key pivot lows ), and forming locally #bearish market structure— I've highlighted two key zones for $BTC .
• One is the CME Gap, which #Bitcoin often likes to fill and those can act as well as support zones.
• The other is a potential S/R flip scenario at around 72k $ ( previous resistance zone ).
• Another level to watch more locally is the 12th November low. We could see there as well #liquidity getting taken and then begin ranging between 85k - 110k $ zone.
• #Bitcoin needs to range for our altcoins to peak higher, likely around Q1 2025.
