Hello Traders! 👋
What are your thoughts on BITCOIN?
In our previous outlook, we anticipated a pullback to the channel bottom followed by a bullish move, and so far, price has followed that scenario perfectly.
Bitcoin is now approaching the channel top and a major resistance zone. At this point, we are watching two potential scenarios:
Scenario 1 – Pullback Before Continuation:
If price rejects the resistance, a correction toward the midline of the channel (which aligns with a key support level) may occur. This could offer a strong entry point for the next bullish wave.
Scenario 2 – Breakout and Retest:
If Bitcoin breaks above the channel and resistance zone, we can look for buy opportunities on the pullback to the broken level, with potential targets at higher levels.
Price action in this area is crucial. Both a midline pullback and a resistance breakout could provide valuable trading setups.
Is Bitcoin gearing up for a breakout, or is another correction coming first? Share your view below! 🤔👇
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