Bitcoin (BTCUSD) is currently trading at $107,125 and showing a strong technical setup on the daily timeframe. After the dramatic recovery from March lows around $77,000, BTC has established a solid foundation above the $100,000 psychological level and is now consolidating in a critical resistance zone.
Current Technical Picture:
The price action shows Bitcoin trading above the Ichimoku cloud, which provides strong bullish confirmation. The ascending blue trendline from the March lows remains intact and continues to act as dynamic support around $82,000-85,000. This trendline has been crucial in maintaining the overall upward trajectory.
Key Resistance Levels:
Primary Resistance: $110,000-$112,000 (previous highs)
Secondary Resistance: $115,000 (extension target)
Critical Support Zones:
Immediate Support: $104,000-$105,000 (recent consolidation lows)
Major Support: $100,000 (psychological level + cloud support)
Trendline Support: $82,000-85,000 (ascending blue line)
RSI Analysis:
The RSI is currently hovering around 55-60, indicating neutral to slightly bullish momentum. This suggests there's room for further upside movement without entering overbought conditions.
Trading Outlook:
Bitcoin appears to be setting up for a potential breakout above the $110,000 resistance zone. A sustained break above this level could target $115,000-$118,000. However, failure to break higher and a move below $104,000 could signal a deeper correction toward the $100,000 support zone.
Risk Considerations:
Watch for any breakdown below the ascending trendline or the $100,000 support, as this could invalidate the bullish structure and lead to a retest of lower levels.
Current Technical Picture:
The price action shows Bitcoin trading above the Ichimoku cloud, which provides strong bullish confirmation. The ascending blue trendline from the March lows remains intact and continues to act as dynamic support around $82,000-85,000. This trendline has been crucial in maintaining the overall upward trajectory.
Key Resistance Levels:
Primary Resistance: $110,000-$112,000 (previous highs)
Secondary Resistance: $115,000 (extension target)
Critical Support Zones:
Immediate Support: $104,000-$105,000 (recent consolidation lows)
Major Support: $100,000 (psychological level + cloud support)
Trendline Support: $82,000-85,000 (ascending blue line)
RSI Analysis:
The RSI is currently hovering around 55-60, indicating neutral to slightly bullish momentum. This suggests there's room for further upside movement without entering overbought conditions.
Trading Outlook:
Bitcoin appears to be setting up for a potential breakout above the $110,000 resistance zone. A sustained break above this level could target $115,000-$118,000. However, failure to break higher and a move below $104,000 could signal a deeper correction toward the $100,000 support zone.
Risk Considerations:
Watch for any breakdown below the ascending trendline or the $100,000 support, as this could invalidate the bullish structure and lead to a retest of lower levels.
Find top crypto tokens with sector indices, AI-powered sentiment analysis & news summaries.
tokenradar.ai/tv
tokenradar.ai/tv
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.
Find top crypto tokens with sector indices, AI-powered sentiment analysis & news summaries.
tokenradar.ai/tv
tokenradar.ai/tv
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.