BTCUSD Looking For Intraday Channel Resolution
BTCUSD Looking For Intraday Channel Resolution
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Bitcoin’s higher-timeframe structure remains constructive, especially on the daily chart, where the market appears to be consolidating after a strong bullish move. The weekly chart also supports a potential recovery continuation.
However, the intraday 30 min chart is still testing resistance within a short-term descending structure. A clean breakout on the lower timeframe would strengthen the bullish case and could align the intraday view with the daily and weekly trend.
Bullish Scenario
A breakout above the 30min descending channel and daily consolidation high could trigger continuation toward the next upside resistance/extension zones.
Bearish Scenario
Failure at current intraday resistance could lead to a lower rotation, with attention returning to daily support and the lower intraday value area targeting a test of the equality objective towards 80K where bullish reversal patterns should be monitored for the next potential leg higher to target 99K
Bitcoin remains bullish on the daily/weekly structure, but the short-term chart needs confirmation through a clean breakout before momentum continuation is validated.
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!