The cryptocurrency market has recently experienced significant volatility. In the daily Bitcoin/USDT chart, we can see that after reaching the $125,000 zone, Bitcoin faced selling pressure and is now in a corrective phase. This correction, based on technical patterns, may provide a good opportunity for traders.
Current Bitcoin Chart Outlook
At the time of writing, Bitcoin is trading around $112,500.
As shown in the chart, there is a red resistance zone between $122,000 and $125,000, which has blocked further upward movement.
On the other hand, a green support zone lies between $107,000 and $105,000. If the correction continues, this zone is expected to play a key role.
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Key Technical Patterns
Fibonacci Retracement: After a strong rally from $98,000 to the $125,000 high, Bitcoin is now retracing toward the 0.5 Fibonacci level (around $110,000). This level often acts as a crucial turning point.
Market Structure (BoS): A previous Break of Structure (BoS) in the chart triggered the start of an uptrend. This indicates that the broader trend remains bullish.
Overall Trend: The long-term ascending trendline is still intact, and as long as Bitcoin stays above $95,000, the mid- to long-term outlook remains positive.
Possible Scenarios Ahead
Bullish Scenario: If Bitcoin finds support within the $107,000–$110,000 zone, we may see a rebound toward the $122,000–$125,000 resistance. A breakout above this level could open the door for a rally to $130,000.
Bearish Scenario: If the $105,000 support fails, Bitcoin could drop to around $98,000 or even $95,000 before finding stronger demand.
Conclusion
Bitcoin is currently in a corrective phase, and traders should closely monitor the $107,000–$105,000 support zone. This area will be decisive in determining whether the uptrend continues or a deeper correction unfolds.
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