Bitcoin is currently holding above crucial diagonal and horizontal support levels, indicating a strong bullish trend with potential for a rebound above $116K.
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Bitcoin maintains both diagonal and horizontal support around $113,500, showing resilience amid a broader uptrend.
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Recent price action suggests controlled pullbacks, indicating bullish behavior within the market.
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A daily close below these supports could shift market sentiment, but current indicators favor a continuation of the bullish trend.
Bitcoin remains strong above key support levels, suggesting a potential rebound as bulls control the market. Stay updated with COINOTAG for the latest insights.
What Are Bitcoin’s Key Support Levels?
Bitcoin is currently trading above significant support levels, specifically a diagonal trendline and a horizontal breakout zone near $113,500. These levels are critical for maintaining the bullish momentum in the market.
How Is Bitcoin’s Market Structure Evolving?
After breaking out from a prolonged range, Bitcoin is now in a tight trading channel between $116,000 and $121,000. The recent price action indicates a potential V-shaped rebound, which is typical after consolidation phases.
Frequently Asked Questions
What happens if Bitcoin closes below its support levels?
If Bitcoin closes below its critical support levels, it could indicate a shift in market sentiment, potentially leading to increased selling pressure.
How can traders monitor Bitcoin’s price action?
Traders can monitor Bitcoin’s price action by observing key support and resistance levels, particularly around $113,500, to gauge potential market movements.
Key Takeaways
- Support Levels: Bitcoin is holding above critical support at $113,500.
- Market Structure: The bullish trend remains intact as long as these levels hold.
- Potential Upside: A rebound above $116K is possible if current support levels remain unbroken.
Conclusion
In summary, Bitcoin’s ability to maintain its position above key support levels suggests a continued bullish outlook. As long as it holds above $113,500, traders can expect potential upward movement in the near future.
Bitcoin holds above its diagonal and horizontal support levels. Bulls still control the trend as price structure suggests potential for a rebound above $116K.
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Bitcoin holds both diagonal and horizontal support, with price reacting strongly at the confluence zone around $113,500 amid a broader uptrend.
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After a breakout and compression phase, Bitcoin tests support without breaking structure, indicating controlled pullback behavior within the bullish trend.
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A daily close below both supports could shift market direction, but current positioning shows Bitcoin remains aligned for potential upside continuation.
Bitcoin continues to trade within a bullish structure, supported by both diagonal and horizontal levels that remain unbroken.
Key Support Levels Still Valid
Bitcoin has maintained its position above the rising diagonal trendline established in April and the horizontal breakout zone near $113,500. These levels are considered essential in preserving the current bullish momentum. A recent tweet by IncomeSharks highlighted the importance of these supports, stating there is “no reason to invalidate squiggles,” as long as the price holds above both.
IncomeSharks – Diagonal and horizontal still holding. Still bullish for now. No reason to invalidate squiggles but a close below both horizontal and diagonal would. For now still looks positioned for higher. pic.twitter.com/jf3gFqubvH
The horizontal level acted as resistance before Bitcoin’s breakout in mid-July. Now retested as support, it adds strength to the ongoing structure. The diagonal trendline continues to guide higher lows, reinforcing buyer interest at each dip.
Market Structure Suggests Higher Moves
After a breakout from a prolonged range, Bitcoin entered a tight channel between $116,000 and $121,000. The recent rejection from the upper boundary led to a quick pullback, but the price remains above both the horizontal and diagonal supports. This area now serves as a confluence zone for potential bullish continuation.
IncomeSharks noted that Bitcoin is still positioned for higher as long as it doesn’t close below both supports. The chart also reflects a possible V-shaped rebound forming, consistent with typical bullish retests that occur after consolidation.
The current setup remains aligned with common market patterns: breakout, compression, pullback, and retest. These movements indicate that momentum has not shifted in favor of sellers.
No Breakdown Yet, Bulls Remain in Charge
Bitcoin continues to show strength by holding critical levels despite short-term volatility. The trendline and horizontal breakout zone offer clear invalidation points. Until both are broken with a confirmed close, the bullish outlook remains valid.
Traders are closely monitoring the price around $113,600. A close above the support zone would support the ongoing bullish structure. A close below both the diagonal and horizontal levels could attract stronger selling pressure. For now, Bitcoin remains technically positioned for further upside movement.
