Bitcoin has recently broken below a major ascending trendline, signaling that the bullish structure has weakened. However, the market is currently sitting inside a strong demand zone, where buyers could attempt to trigger a temporary recovery before the next major move unfolds.
My main scenario is to see Bitcoin react from this support area and potentially reclaim the 72,836 resistance level. If buyers manage to regain momentum, a relief rally toward the 86,000 region could be possible.
However, I remain cautious. If the rebound fails and sellers regain control, Bitcoin could revisit lower demand zones around 62,363, with the possibility of an extended move toward 51,676, which represents the next major area of interest.
For now, patience is key. I would rather wait for confirmation before committing to either side.
Key Levels to Watch
Resistance: 72,836
Major Bullish Target: 86,000
Support Zone: 62,363
Major Demand Area: 51,676
My main scenario is to see Bitcoin react from this support area and potentially reclaim the 72,836 resistance level. If buyers manage to regain momentum, a relief rally toward the 86,000 region could be possible.
However, I remain cautious. If the rebound fails and sellers regain control, Bitcoin could revisit lower demand zones around 62,363, with the possibility of an extended move toward 51,676, which represents the next major area of interest.
For now, patience is key. I would rather wait for confirmation before committing to either side.
Key Levels to Watch
Resistance: 72,836
Major Bullish Target: 86,000
Support Zone: 62,363
Major Demand Area: 51,676
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.