#BTC Price Movement
Overall Structure
The market first experienced a strong decline (left side of the chart).
After that, a recovery followed along with consolidation.
Currently, the market is moving in a range-bound structure.
Current Range (Very Important)
The range is clearly marked on the chart:
Range High / Resistance:
~78,700 – 79,000
Range Low / Support:
~75,000 – 75,200
As long as the price remains within this range, choppy price action is expected.
Support Analysis
Major Support: 74,400 – 74,000 (labelled as SUPPORT LEVEL)
This is a strong demand zone
A sharp bounce has already occurred from this area
If the price gives a strong close below 74,000:
Next support: 72,600 – 72,900
Market bias will turn bearish
Resistance / Target Analysis
Immediate Resistance: 78,700 – 79,000 (TARGET ZONE)
If the price:
Breaks out of the range
And closes above 79,000
Then the next targets are:
80,500
81,800 – 82,000
Bullish Scenario
The market will remain bullish if:
Price holds above 75,000
And a breakout above 78,700 occurs with a successful retest
Strategy Idea:
Buy near support
Take partial profits near resistance
Bearish Scenario
The market will turn bearish if:
74,400 support breaks
A strong bearish candle closes below it
Then possible targets are:
72,900
72,600
DYOR