Bitcoin (BTC/USD) Technical Analysis: 1-Day Timeframe
Wyckoff Accumulation: The chart highlights a potential Wyckoff accumulation phase, characterized by sideways price action within a defined range. The current price action indicates the market may be in the final stages of this phase (Phase B), known as the "Spring" or "Test." This phase often involves a final shakeout of weak hands before a significant upward move.
Support & Resistance: A crucial support line formed from the "AR Distribution" and a potential "Failed New Low" around the $52,500 level provide a strong base for a bullish reversal. The price recently bounced off this support zone, further strengthening its validity.
Resistance Breakout: The "Resistance Line" derived from the "BC Distribution" poses a critical level to watch. Breaking above this resistance, currently around $81,186, would confirm a bullish breakout and signal the start of a new uptrend. This breakout would also align with the completion of the Wyckoff accumulation phase.
Target: If the bullish scenario plays out, the price target based on the chart's projections lies around $85,034, representing a 1.5x move from the current price. This target aligns with the potential "High of a Range" within the larger Wave 5 structure.
Expectations for Next Two Weeks:
Short-Term Consolidation: In the immediate term (1 week), we might witness consolidation or a slight pullback as the market gathers momentum for a potential breakout. This consolidation could occur within the current range, above the crucial support zone.
Breakout and Uptrend: In the following week, we could see a decisive break above the $81,186 resistance, confirming the bullish outlook and triggering a new uptrend towards the $85,034 target.
Failed Breakout: Conversely, a failure to break above the resistance and a subsequent drop below the support zone could invalidate the bullish scenario, potentially leading to a deeper correction.
Support & Resistance: A crucial support line formed from the "AR Distribution" and a potential "Failed New Low" around the $52,500 level provide a strong base for a bullish reversal. The price recently bounced off this support zone, further strengthening its validity.
Resistance Breakout: The "Resistance Line" derived from the "BC Distribution" poses a critical level to watch. Breaking above this resistance, currently around $81,186, would confirm a bullish breakout and signal the start of a new uptrend. This breakout would also align with the completion of the Wyckoff accumulation phase.
Target: If the bullish scenario plays out, the price target based on the chart's projections lies around $85,034, representing a 1.5x move from the current price. This target aligns with the potential "High of a Range" within the larger Wave 5 structure.
Expectations for Next Two Weeks:
Short-Term Consolidation: In the immediate term (1 week), we might witness consolidation or a slight pullback as the market gathers momentum for a potential breakout. This consolidation could occur within the current range, above the crucial support zone.
Breakout and Uptrend: In the following week, we could see a decisive break above the $81,186 resistance, confirming the bullish outlook and triggering a new uptrend towards the $85,034 target.
Failed Breakout: Conversely, a failure to break above the resistance and a subsequent drop below the support zone could invalidate the bullish scenario, potentially leading to a deeper correction.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.