Bitcoin may be Rejected from Channel Resistance

[Antony Bishop]

Hello traders, I want share with you my opinion about Bitcoin. The established market structure for Bitcoin remains bullish, with the price action being methodically guided higher within a well-defined upward channel. This pattern has been in effect since the resolution of a prior consolidation, creating a clear sequence of higher highs and higher lows. The price of BTC has just completed another full upward rotation within this structure and is now positioned at a critical inflection point. Currently, the asset is directly testing the upper boundary of the upward channel 2, a level which forms a powerful confluence of resistance with the horizontal 117500 - 118200 seller zone. In my mind, the resistance of this channel is likely to hold, initiating a corrective phase. I expect a rejection from this area, leading to a downward move that will break the current support level at 115600. I think this decline will continue towards the channel's main support line. Therefore, I have placed my TP at 113250, which aligns with this dynamic support line.