Bitcoin

Bitcoin Retests Ascending Trendline After Breakout

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BTCUSD daily chart shows price action respecting a rising trendline, following a successful breakout from previous pattern. This ascending trendline now acts as a key dynamic support and serves as a central guide for the medium-term bullish structure.

Currently, price is consolidating just below the $107,000 resistance area. There are two primary scenarios to consider:

Bullish Scenario:
A confirmed breakout and daily close above the $107,000 resistance could trigger another bullish leg, targeting the next level near $120,000.

Mild Bearish / Pullback Scenario:
If the price gets rejected again, it may retrace towards the ascending trendline around $95,000, which aligns with previous horizontal support and could serve as a solid buy-the-dip zone.

Trade Plan:
  • Buy Entry Option 1: On a breakout above $107,000 → Target: $120,000
  • Buy Entry Option 2: On a bounce from the trendline near $95,000

Penafian

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