Bitcoin has been steadily climbing for months, respecting that long-term trendline since last year. Each dip into it brought a strong bounce, showing bulls are still in control of the bigger picture.
But right now price is pressing into a tight descending resistance line. We can see it making lower highs while struggling to break above that red trendline. At the same time, it’s sitting just above a key horizontal range, where buyers stepped in before.
This compression is risky. If BTC fails to push above the descending resistance and breaks back below the box, it could drop toward the next demand zone around the low 100K region.
As long as the major trendline from last year holds, the broader uptrend is intact. But losing this structure would open the door for a deeper correction.
This is the kind of spot where patience pays. Let the breakout or breakdown show its hand before jumping in heavy.
But right now price is pressing into a tight descending resistance line. We can see it making lower highs while struggling to break above that red trendline. At the same time, it’s sitting just above a key horizontal range, where buyers stepped in before.
This compression is risky. If BTC fails to push above the descending resistance and breaks back below the box, it could drop toward the next demand zone around the low 100K region.
As long as the major trendline from last year holds, the broader uptrend is intact. But losing this structure would open the door for a deeper correction.
This is the kind of spot where patience pays. Let the breakout or breakdown show its hand before jumping in heavy.
Note
A bigger picture perspective
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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.
Related publications
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.