$BTC Technical Outlook
The long-term ascending channel remains intact. Price is currently moving near the midline of the channel, which has historically acted as a strong equilibrium zone.
๐ Key signals:
โข Price continues to move within the rising trend.
โข The upper band of the channel indicates a broad potential target range between $140K โ $300K.
โข A descending top structure is visible in the oscillator (bearish momentum weakening).
โข However, the indicator is showing signs of forming a bottom in the oversold zone.
๐ Short term:
Momentum is weak, but a bounce from the oversold area is increasingly likely.
๐ Mid / long term:
As long as the ascending channel structure holds, the cycle does not appear to be completed yet.
โ ๏ธ Critical level: ~$70K
Holding this level is important for trend continuation.
Conclusion:
The market may currently be in a correction / consolidation phase within the broader trend. If a reaction occurs, a new impulsive wave could begin. ๐ $SAND $VET
The long-term ascending channel remains intact. Price is currently moving near the midline of the channel, which has historically acted as a strong equilibrium zone.
๐ Key signals:
โข Price continues to move within the rising trend.
โข The upper band of the channel indicates a broad potential target range between $140K โ $300K.
โข A descending top structure is visible in the oscillator (bearish momentum weakening).
โข However, the indicator is showing signs of forming a bottom in the oversold zone.
๐ Short term:
Momentum is weak, but a bounce from the oversold area is increasingly likely.
๐ Mid / long term:
As long as the ascending channel structure holds, the cycle does not appear to be completed yet.
โ ๏ธ Critical level: ~$70K
Holding this level is important for trend continuation.
Conclusion:
The market may currently be in a correction / consolidation phase within the broader trend. If a reaction occurs, a new impulsive wave could begin. ๐ $SAND $VET