Bitcoin - Range High Pressure, Expansion or Rejection Ahead
Happy New Year everyone
I hope you all had a great start to the year. I have been offline for a while due to holidays and some personal stuff, but I am back and ready to start posting trade ideas again. Lets kick things off with a fresh look at Bitcoin based on the chart I shared.
Market Overview
Bitcoin has been in a corrective and consolidative phase after the impulsive move down, and price is now trading back into a very clear range. The market structure has shifted from aggressive selling into more balanced, rotational price action, which tells me the market is waiting for a catalyst. Price is currently pushing into the top of this range, an area that has already proven to be meaningful resistance.
Range Structure and Key Zones
The chart shows a well defined range with a clean support zone at the low of the range and a clear resistance zone at the top. These zones have been respected multiple times, which adds confidence to their validity. Right now, price is testing the top of the range, which is the current resistance, and this is where reactions are expected. Until we see a decisive break, this remains a range environment, not a trend.
Bullish Scenario and Expansion Idea
If Bitcoin manages to accept above the top of the range, this opens the door for continuation higher. Of course, we are going to have to break the 100k price range first, but if that happens with strong participation and volume, the potential target marked on the chart becomes realistic. In that case, dips into prior resistance could act as support, and price could start building higher highs and higher lows from there.
Bearish Scenario and Rejection Risk
On the other hand, this area is still resistance until proven otherwise. A rejection from the top of the range would fit pe