Bitcoin just pulled off a clean bounce off support, landing perfectly on the 50-day moving average around $105,800 – a level that’s repeatedly proven its importance. The move came with a solid +2% daily candle, reclaiming lost ground and putting the bulls back in control for now. Price is still trapped under the descending trendline just below $112,000, which has capped every breakout attempt over the past month, but momentum is shifting. As long as BTC stays above that support zone and keeps printing higher lows, the structure looks bullish. A breakout above that trendline would likely send us flying – but fall back below $105,800, and we’re probably retesting $100,700. For now, the bounce looks strong, the trend is intact, and the ball’s back in the bulls’ court.
scott.melker@texaswestcapital.com
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scott.melker@texaswestcapital.com
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.