BTCUSD: Rully Continue in Upward ChannelHello everyone, here is my breakdown of the current Bitcoin setup.
Market Analysis
From a broader perspective, we've seen a significant shift in the market structure for Bitcoin. The price has successfully broken out of a prior Downward channel, a key event that signaled a reversal and shifted control from sellers to buyers, establishing a new bullish phase.
This new bullish phase has since formed a well-defined Upward Channel. The price has been making a series of higher highs and higher lows within this structure, but is currently in a corrective pullback, heading towards the channel's ascending support line, which is a key area to watch.
My Scenario & Strategy
My scenario is based on the expectation that this newly formed Upward Channel will continue to be respected by the market. I'm looking for the price to complete its dip and test the ascending support line. A confirmed bounce from this dynamic support would be the key signal that the correction is over and the next impulsive move up is beginning.
A successful rebound would validate the long scenario, with the price then expected to rally towards the top of the channel and break the intermediate Resistance at the 116700 level. The primary target for this move is 118500.
That's the setup I'm tracking. Thank you for your attention, and always manage your risk.
