Bitcoin (BTC) is currently forming an ascending triangle, which is typically a bullish continuation pattern. If BTC breaks out of the triangle to the upside, my target would be around $130,000.
However, we also have a long-term ascending trendline that BTC has been respecting for a significant period. If BTC fails to break out of the ascending triangle, we may see a pullback toward this trendline. Notably, there is also a strong demand zone in that area, which could act as support.
On the weekly timeframe, there is a visible regular bearish divergence—a bearish signal that suggests a potential slowdown or correction. If the divergence plays out, a realistic downside target could be around $100,000 to $98,000.
However, we also have a long-term ascending trendline that BTC has been respecting for a significant period. If BTC fails to break out of the ascending triangle, we may see a pullback toward this trendline. Notably, there is also a strong demand zone in that area, which could act as support.
On the weekly timeframe, there is a visible regular bearish divergence—a bearish signal that suggests a potential slowdown or correction. If the divergence plays out, a realistic downside target could be around $100,000 to $98,000.
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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.