BTC → long term view

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Support and Demand (S&D) Zone:

  1. The S&D zone marked on the chart around the $49,500 level has acted as a strong support during the last downward movement.
  2. If the price retraces, this zone is likely to serve as a critical support area, potentially offering a buying opportunity.


Potential Bullish Scenario:

  • If Bitcoin continues its upward momentum, it could test the upper wedge line, which is currently around the $70,000 mark.
  • A breakout above this wedge could signal a significant bullish move, potentially leading to a new uptrend.


Summary


  1. Broadening Wedge Pattern: Indicates increasing volatility with higher highs and lower lows.
  2. Current Position: Bitcoin is moving towards the upper wedge line after bouncing from the lower wedge line.
  3. Support Zone: The S&D zone around $49,500 acts as critical support; a key level to watch if the price retraces.
  4. Bullish Scenario: Potential move toward $70,000 if the upward momentum continues and the upper wedge line is tested.


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the short term time frame perspective
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Beyond Technical AnalysisBitcoin (Cryptocurrency)BTCBTCUSDBTCUSDTChart PatternsTrend Analysiswideningwedge

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