Bitcoin Continues Consolidating Within Key Range
Chart Analysis:
Bitcoin remains in a long-term uptrend, supported by an ascending trendline (black line) and recently consolidating within a rectangular range near $96,000.
1️⃣ Ascending Trendline:
The long-term trendline continues to act as dynamic support, underpinning Bitcoin's bullish structure.
Traders may watch for price reactions near this trendline for potential bounce opportunities.
2️⃣ Key Range:
Bitcoin is consolidating between $96,000 (support) and $110,000 (resistance).
A breakout above $110,000 would confirm bullish momentum, while a break below $96,000 could signal downside risks.
3️⃣ Moving Averages:
50-day SMA (blue): Positioned near $91,000, providing short-term dynamic support.
200-day SMA (red): Rising around $70,000, confirming the long-term bullish trend.
4️⃣ Momentum Indicators:
RSI: Hovering near 51, indicating neutral momentum after cooling off from overbought conditions.
MACD: Momentum remains positive, but recent consolidation has led to a flattening trend in the MACD.
What to Watch:
Monitor the $96,000-$110,000 range for potential breakout opportunities.
A breakout above $110,000 could target new highs, while a drop below $96,000 may test the ascending trendline or lower supports.
Look for RSI or MACD divergences to confirm breakout direction.
Bitcoin remains within a bullish structure, with the ascending trendline and moving averages providing key levels to follow. The consolidation phase offers a clear technical setup for the next directional move.
-MW
Bitcoin remains in a long-term uptrend, supported by an ascending trendline (black line) and recently consolidating within a rectangular range near $96,000.
1️⃣ Ascending Trendline:
The long-term trendline continues to act as dynamic support, underpinning Bitcoin's bullish structure.
Traders may watch for price reactions near this trendline for potential bounce opportunities.
2️⃣ Key Range:
Bitcoin is consolidating between $96,000 (support) and $110,000 (resistance).
A breakout above $110,000 would confirm bullish momentum, while a break below $96,000 could signal downside risks.
3️⃣ Moving Averages:
50-day SMA (blue): Positioned near $91,000, providing short-term dynamic support.
200-day SMA (red): Rising around $70,000, confirming the long-term bullish trend.
4️⃣ Momentum Indicators:
RSI: Hovering near 51, indicating neutral momentum after cooling off from overbought conditions.
MACD: Momentum remains positive, but recent consolidation has led to a flattening trend in the MACD.
What to Watch:
Monitor the $96,000-$110,000 range for potential breakout opportunities.
A breakout above $110,000 could target new highs, while a drop below $96,000 may test the ascending trendline or lower supports.
Look for RSI or MACD divergences to confirm breakout direction.
Bitcoin remains within a bullish structure, with the ascending trendline and moving averages providing key levels to follow. The consolidation phase offers a clear technical setup for the next directional move.
-MW
Penafian
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