Ayesha
08/07 06:25
Bitcoin (BTC/USD) Technical Setup Points to Breako
Bitcoin (BTC/USD) Technical Setup Points to Breakout
Bitcoin is showing notable technical strength. Price action around $114,980 is consolidating just above two key supports:
- The 50-day Simple Moving Average (SMA) at $112,860
- Long-term ascending trendline stretching back to April.
This confluence zone, where resistance has flipped into support, is often a bullish continuation signal.
KRSI is about to cross above 50, which could be the start of the bullish momentum. The chart shows a broad ascending triangle with higher lows and accumulation below $123,206. A break above this level could unleash the buyers towards $131,337 and $138,680.
If the trendline holds, it’s a stair-step rally. But if it breaks below $111,995 it could shift the sentiment and open the door for a drop to $105,225 or $99,500. Volume confirmation and a bullish engulfing candle above $115,000 would be the perfect entry for swing traders.
BTC Trade Setup (Short-Term):
- Entry: Break above $115,000
- Targets: $123,200
- Stop-Loss: Below $113,800
If this triangle breakout confirms, bulls could regain control, especially if paired with renewed institutional inflows and ETF stabilit
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