Analysis and Commentary
Chart Review:
The chart shows that Bitcoin is testing and about to break out of a symmetrical channel resistance on the weekly (1W) timeframe. The resistance line from previous highs appears to have been clearly broken out, but price needs to hold above the resistance for confirmation.
Target and Prices:
1. Current Status: Priced around 96,151 USDT.
2. Potential Targets:
• 1.618 Fibonacci Level: 109.282 USDT.
• 2.618 Fibonacci Level: 157.297 USDT.
• 3.618 Fibonacci Level: 225.311 USDT.
These levels represent possible upside targets based on past price action.
Support and Resistance Levels:
• Major Resistance: 96,000 - 98,000 USDT (current price is testing this zone).
• Support Regions:
• Between 84,000 - 86,000 USDT (old resistance, could be new support).
• In case of deeper corrections, the 73,000 USDT level may act as support.
Indicators:
• Volume: An increasing volume is observed during the rise, indicating that the movement is strong.
• RSI: Probably in overbought territory, which may indicate short-term corrections.
• Fibonacci Expansion: Provides reliable levels in line with specified targets.
Formations and Transformations:
The chart shows a bullish pennant formation. This formation usually indicates that the price will continue to rise after consolidation. However, confirmation is required after the breakout for this formation to be valid.
Trend Direction:
• There is a clear upward trend in the medium and long term.
• However, selling pressure may be experienced at resistance levels in the short term.
Strategically:
1. Confirm Breakdown:
• A weekly close above the 96,000 - 98,000 USDT zone signals that the uptrend will continue.
2. Buying During Pullbacks:
• Possible pullbacks to the 84,000 - 86,000 USDT zones may present a buying opportunity.
3. Trading Plan by Target:
• Short-term target: 109,000 USDT.
• Medium-term target: 157,000 USDT.
• Long-term target: 225,000 USDT and above.
