Bitcoin: Bullish Continuation Within Ascending Channel
2024-11-06

hello guys.

The BTC/USDT 4-hour chart indicates a strong bullish trend, with Bitcoin trading within an established ascending channel. The price has been respecting both the upper and lower trendlines, creating potential upward scenarios. Here’s an in-depth technical analysis:

 Ascending Channel:  Bitcoin is steadily moving within an ascending channel, with higher highs and higher lows. This suggests a continuation of bullish momentum unless there is a decisive breakdown.
 
Potential Scenarios: 
 
 Scenario 1: The price could continue rising within the channel, reaching the next resistance levels around $76,000 and potentially $79,978.02, as shown on the chart.
 Scenario 2: A pullback to the channel's midline or lower support could occur before the next leg up, providing potential entry points for buyers.
 

Fibonacci Levels: The price has respected key Fibonacci retracement levels, indicating areas of interest for potential support and resistance.

 Key Levels:
Support: Around $72,000, which aligns with the mid-channel zone.
Resistance: Immediate resistance around $76,000, with an extended target near $79,978.02.