Bitcoin can Bounce from Support and Start to Grow

[Antony Bishop]

Hello traders, I want share with you my opinion about Bitcoin. The price structure has been defined by a complex and volatile consolidation following a prior downtrend. After initially forming a downward wedge, the price action has seen multiple breakouts and reversals, testing both the major 108800 buyer zone and the 118000 seller zone. This prolonged period of indecision has established a solid support base at the 108800 support level. Currently, after a recent sharp drop was absorbed by this support, the price of BTC has started to show signs of a renewed bullish attempt, moving up from the lows. In my mind, this successful test of the major support is the most critical recent event. I expect that the price will first make a final small dip to re-test this 108800 support level to confirm buyer strength. I think a confirmed bounce from this area will lead to a significant rally, as sellers appear to be exhausted. Therefore, I have placed my TP at 114000, targeting a key area of prior price congestion located near the resistance line of the larger wedge structure.

[jacson4]

A clean bounce from 108800 would be a strong signal that buyers are ready to drive BTC higher.

[EmTeam]

Targeting 114000 makes sense—it lines up with the prior congestion zone and wedge resistance.