BTCUSD LONG | Channel High Objective | 100K Next?

Bitcoin has been trading in a local uptrend, respecting the channel boundaries for a bullish expansion. Testing the channel low support will be in confluence with the Daily S/R.

Author

Bitcoin Insider
November 16, 2024 • Estimated Reading Time: 4 minutes

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Today’s report will also include:

  • Updated Technical Analysis

  • Other key market developments

  • Market Psychology

  • Trading Tools

BTCUSDT Long Trade 📈 

In today’s analysis -BTCUSDT- trading in channel and currently consolidating above a key support level, as long as support holds $100,000 is possible.

Points to consider ✍️ 

  • Daily S/R Support

  • Channel Low Support

  • S/R Flip Level

  • Bullish Expansion

Bitcoin has been trading in a local uptrend, respecting the channel boundaries for a bullish expansion. Testing the channel low support will be in confluence with the Daily S/R.

A retest is logical around this region, we can see the level has been flipped, allowing for a high probability bullish retest

When testing the level, its should be quick, resulting in a wick, this will solidify the presence of bulls. As long as price action remains trading within this channel, its increases the probabilityof a bullish expansion.

Overall, in from Bitcoin Insider’s perspective, BTUSDT is a valid long with defined risk, price action it to be used upon discretion/ management. ✍️ 

Hope this analysis helps.

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