BITCOIN Analysis: Potential Pullback and Continuation

29 Apr

BTCUSD is currently trading within an ascending channel, reflecting a clear bullish structure. The price may pull back toward the lower boundary of the channel before potentially continuing higher. This dynamic support offers a confluence area for a possible bullish reaction. A successful retest here could open the path for a move toward the $102,000 level, which aligns with the upper boundary of the channel and represents a logical bullish target.

However, a failure to hold this dynamic support could indicate weakening bullish momentum and may shift the short-term bias to neutral or bearish.

Traders should watch for confirmation signals such as bullish engulfing patterns, strong rejection wicks at the lower trendline, or increasing volume on the bounce before considering long positions.

Let me know your thoughts or if you see it differently! 🚀

30 Apr

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