📢Token Analysis Series 101 : $BTC Bitcoin

One of the first things to identify when analyzing a Bitcoin chart is the market structure, which refers to the pattern in which the price is moving.

Terms like CHoCH (Change of Character) and BOS (Break of Structure) are crucial for understanding how the market shifts from bullish (uptrend) to bearish (downtrend) and vice versa.

Bullish CHoCH: This signifies that Bitcoin’s price has shifted from a downtrend to an uptrend. Traders usually see this as a signal to enter long positions, expecting the price to rise.

Bearish CHoCH: Indicates that the market is turning downward, which may trigger traders to exit or short the market to profit from falling prices.

As seen in the chart #Bitcoin is currently near resistance zone followed by the descending trendline resistance .

Key Resistance Zone (~66,048 - 68000): A consolidation area is observed around this price, and the price is currently testing this zone from below. This aligns with the dotted downward trendline, suggesting potential rejection or breakout.

BTC is currently moving within a consolidation zone near 65,000, and this aligns with the resistance zone (66,048). A breakout above this zone could trigger further bullish momentum towards the 73,777 region.However, if the price gets rejected here, BTC might retest lower support levels like 60,000 or even 52,930.

As the price is at a critical resistance level, I would suggest waiting for a confirmation of a breakout or rejection. A daily candle close above 66,048 with strong volume might indicate a continuation of the bullish move. However, a rejection could lead to more consolidation or a move back down to the support areas mentioned.