$BTC
Price Action
1. Trend:
The chart shows a clear upward trend. The price has risen from around $52,550 to $100,000 with minor corrections.
2. Support and Resistance Levels:
Key Support: $87,767 (a recent level from which the price bounced).
Key Resistance: $104,088 (the peak on the chart where the correction started).
3. Candlestick Patterns:
At the peak around $104,088, long upper shadow candles can be seen, indicating resistance and profit-taking by traders. This triggered a local correction.
4. Corrections:
After reaching $104,088, a price decline is visible followed by sideways movement around $100,000. This may indicate a consolidation phase before further movement.
5. Potential Scenarios:
Continued Growth: If the price breaks above $104,088 and holds, the next target may be around $106,000–$110,000.
Downward Correction: If the price fails to hold the $100,000 level, a retest of $87,767 is possible.
6. Recommendations:
Monitor the reaction at the $104,088 level. A breakout with high volume may confirm further growth.
For more conservative trading, wait for a retest of the support level ($87,767)
