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BTCUSD: Trendline Support vs. Key Resistance - What's Next ?

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Previous Support Turned Resistance: The 91,000-93,000 range that previously acted as support has now flipped to resistance, confirming a classic price action principle.
Diagonal Trendline Support: Currently, price is respecting an upward diagonal trendline (marked by the red lines on the chart), providing short-term support.

Market Structure:

Bitcoin experienced a sharp drop from the 96,000 level in late February
Price found a bottom around the 80,000 mark before forming the current ascending trendline
Recent price action shows a series of higher lows along this trendline, suggesting potential bullish momentum building
Trading Outlook:
As long as price remains above the diagonal trendline support, we can expect a continued move higher
Immediate target would be a retest of the 91,000-93,000 resistance zone and if price sustain above this then more upisde possible.
A successful break above this resistance could signal a resumption of the larger bullish trend
However, a break below (Close on daily) the trendline support would invalidate this bullish scenario

Feragatname

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