Bitcoin can make movement up and then drop to 93600 level
2025-01-16
Category: None

The chart shows how the price rose to the support level that coincides with the buyer's area, broke through the support level and continued to rise. Subsequently, BTC corrected to the support level, then rebounded to 103500 points, and then fell to 90400 points, thus starting to trade inside the pennant. Subsequently, the price recovered and pushed upwards from the support line of the pennant and rose to the resistance level that coincides with the seller's area, and then corrected the support line. Subsequently, BTC rebounded and rose to the resistance level again in a short period of time, this time breaking through the resistance level and continuing to rise to the resistance line of the pennant. When the price reached this line, it exited the pennant and reached a new ATH (108K points), and then pushed downwards inside the descending wedge. The price broke through 100000 and fell to the 93600 level, falling to the buyer's area, where it reached the support line of the wedge and rebounded from there to the resistance level. Later, Bitcoin corrected the support line again, and then rose to the resistance line of the wedge pattern in a short period of time, and then fell back. Recently, the price rebounded from this line, broke through the 93600 level, and now continues to rise. For this scenario, I expect that the price can rise one more time and then correct towards the 93600 support level.