🔍 Chart Overview
- The chart is from TradingView, showing Bitcoin (BTC) trading around $105,950.
- You’ve marked key support and resistance zones in purple, with potential trade setups shown by blue arrows.
- The price action appears to be in a bullish structure, but with possible retracement areas noted.
🟪 Key Zones Identified
- Resistance Zone (around $106,400 – $107,000)
- Price has recently pushed into this zone and faced slight rejection.
- A break and retest above this level could lead to further upside momentum.
- Support Zone (around $104,800 – $105,300)
- This area acted as previous resistance and could serve as a retest level for continuation.
- If price dips here and forms bullish confirmation, another leg up could follow.
- Lower Support Zone (around $103,800 – $104,200)
- Marked as a potential area if the current trend fails.
- A breakdown below this could trigger a bearish reversal.
📈 Possible Scenarios (based on your blue arrows)
1. Bullish Continuation
- Price breaks above the upper resistance zone ($106.5K–$107K).
- Retests that area successfully.
- Then continues toward a higher target (green zone above).
2. Bullish Pullback Before Continuation
- Price rejects from resistance.
- Retraces to the support zone around $105K, finds buyers.
- Then resumes upward momentum to break resistance.
3. Bearish Scenario
- If price breaks below the $105K support, it could move down to the $104K or $103.8K zone.
- A failure to hold there might lead to a deeper correction (indicated by your final downward arrow).
📊 Indicators
- The EMA lines (orange and blue) are trending upward — confirming short-term bullish momentum.
- However, if price closes below the moving averages, it could signal a shift to short-term bearish pressure.
🧭 Summary
- Bias: Bullish above $105K
- Key resistance: $106.5K – $107K
- Key support: $105K and $104K
- Trading plan: Wait for breakout confirmation or a retest at support for entries.
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