🚀 $BTC /USDT 4H: The Squeeze is ON! Where Next?
Bitcoin is in a fascinating technical position on the 4-hour chart. As you can see from the annotated image, the bulls are fighting a battle on two fronts. We have a well-defined diagonal trendline support that has held firm for over a month (blue line), pushing the price higher with higher lows. At the same time, a critical horizontal resistance level around $73,000 to $73,500 (red line) has been putting up strong resistance.
This combination of a rising trendline and a static resistance creates an ascending triangle/price squeeze pattern. The price is currently oscillating right at the convergence of this pattern and the crucial 21-period Exponential Moving Average (EMA). This tight range can only mean one thing: a significant breakout is imminent.
The question is, in which direction? The overall trend is overwhelmingly bullish, which favors an upside break above the $73.5k resistance. A clean break would open the path to test the local top at $75,998.90 and potentially new highs. Conversely, a failure to break higher could lead to a retest of the lower trendline, a critical support area that the bulls must defend. My eyes are glued to a high-volume 4-hour candle close above $73,500 or a significant drop to the $71,000 support zone to confirm the next directional move. Trade with caution!