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Bitcoin will Retest Support Before the Next Leg UpHello traders, I want share with you my opinion about Bitcoin. The market structure for Bitcoin has seen a significant shift from bearish to bullish, following a strong reversal from the 109300 - 110000 buyer zone. This pivotal move led to a breakout from a prior downward wedge, invalidating the bearish trend and establishing the current, well-defined upward channel. The price action for BTC has since been constructive, creating a series of higher highs and higher lows within the boundaries of this new channel. Currently, the asset is undergoing a healthy corrective phase after being rejected from the highs, and the price is now trading at a critical inflection point, close to the ascending support line of the channel. In my mind, this pullback represents a classic trend-continuation opportunity. I expect that the price will bounce from the channel's ascending support line. I think this rebound will have enough momentum to break through the 117500 Resistance Level and continue its rally towards the major seller zone. Therefore, I have placed my TP at 119500. Please share this idea with your friends and click Boost 🚀 Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
THINKMARKETS:BTCUSDLong
by LegionQ8
17
Euro can Bounce From Wedge Support and Rally to 1.1930Hello traders, I want share with you my opinion about Euro. The market for the Euro has transitioned from a clear trending phase into a more complex corrective structure after the prior upward channel failed to sustain its momentum. Following a significant rejection, the price broke down and underwent a deep correction, which was ultimately absorbed by the major 1.1430 - 1.4000 buyer zone. This level served as a critical pivot, halting the decline and initiating the current market phase, which has taken the form of a large upward wedge. The price action for EURUSD has since been contained within this new pattern, rotating between its ascending support and resistance lines. Currently, the asset is at a key inflection point, having completed a corrective swing down to test the ascending support line of this wedge. In my mind, this sets up a long, rotational scenario. I expect that buyers will defend this dynamic support. A confirmed bounce from this support line would validate the integrity of the wedge and signal the start of a new rally towards the upper boundary. Therefore, I have placed my TP at 1.1930, a target that aligns perfectly with the resistance line of the wedge. Please share this idea with your friends and click Boost 🚀 Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
Long
by LegionQ8
21
BTCUSD Long: Awaiting Bounce from Channel SupportHello, traders! The prior price auction for BTCUSD was controlled by a downward wedge, which guided the price to the major 110000 DEMAND level. A strong bullish initiative from this demand zone caused a reversal and a breakout from the wedge, establishing the current bullish market structure and shifting control to buyers. Currently, the price action is being guided by a new ascending channel. The auction has recently pushed up to test the significant horizontal supply at the 117600 level and is now in a corrective pullback phase, heading towards the lower support line of this channel for what I see as a critical test. My scenario for the development of events is a continuation of this uptrend after the corrective dip completes. I believe the price will find strong support on the ascending demand line of the channel. In my opinion, a successful bounce from this dynamic support will confirm that buyers are still in control, triggering the next impulsive wave higher and breaking the 117600 supply level. The take-profit is therefore set at 120300, targeting the upper resistance line of the channel. Manage your risk!
BINANCE:BTCUSDLong
by heniitrading
5