BTCUSD: Watching for the Dip and Bounce to the Trend LineHello everyone, here is my breakdown of the current Bitcoin setup.
Market Analysis
From a broader perspective, the price of Bitcoin is currently consolidating within a large Range, just below a major descending Trend Line. This indicates a period of balance and energy build-up after a significant prior move.
Currently, the price is in a corrective pullback within this Range. It is heading towards the lower support levels, a key area where buyers have previously shown strength and absorbed selling pressure.
My Scenario & Strategy
My scenario is built on the idea that this consolidation is a bullish accumulation phase. I think that before the main rally continues, the market will make a small corrective movement down to test the Support zone.
I'm looking for a confirmed bounce from this Support zone around the 109000 level. This would be the key signal that the pullback is over and that buyers are ready to take control for a move towards the upper boundary of the consolidation.
Therefore, the strategy is to watch for this bounce. A successful rebound would validate the long scenario. The primary target for the subsequent rally is the 115500 trend line at the top of the Range.
That's the setup I'm tracking. Thank you for your attention, and always manage your risk.
