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BTCUSD is set for a bullish breakout as momentum builds up. BTCUSD has been consolidating just above the $102,730 level, which aligns closely with the 0.5 Fibonacci retracement level from the previous rally. Price action also shows a descending trendline forming a bull flag pattern, which is typically a continuation setup. The bulls have defended the $100,480 support area well, and the structure suggests a tightening range ready to break to the upside.
Notably, the previous swing high near $108,390 remains the immediate resistance to watch, as a daily close above it would mark a new leg up. If BTCUSD breaks out of the current consolidation and clears the $108,390 resistance, the next bullish targets would lie at $112,000 and $115,000. A strong surge could eventually lead prices toward the major psychological level at $125,000, where sellers are likely to re-enter. On the downside, a drop below $100,480 would delay this bullish scenario, potentially pushing BTCUSD back to $97,350 or even $95,980.
BTC Key Levels
Supply Levels: $108,390, 115,000, $125,000
Demand Levels: $100,480, $95,980, $85,010
What are the indicators saying?
The Stochastic RSI at the bottom of the chart is currently oversold, with values near 18 and 21, suggesting that selling pressure is fading and a reversal may be imminent. This oversold condition indicates a potential bullish turnaround, especially if the %K line crosses above the %D line.
Additionally, the price is sitting just below the 9-day Simple Moving Average (SMA), which is currently around $105,400. A breakout above this level would serve as an early confirmation of renewed upward momentum. The indicators collectively hint at a possible bullish continuation after this short consolidation phase.
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