Bitcoin is testing a high confluence resistance zone at 79K–80K right now. This level sits directly on the upper boundary of the major ascending channel (higher timeframe) a proven supply zone that has repeatedly rejected price in the past.
The broader structure is still bullish, but the current impulsive leg looks extended after completing a clean 5-wave move. We are now transitioning into a potential Wave 5 extension, which often produces one final push into the 81K–84K supply zone before exhaustion kicks in a classic fakeout scenario.
Momentum is already fading as price grinds into resistance. This raises the risk of a short-term top, though it could also play out as consolidation before the next leg higher.
Bearish scenario (higher probability if rejected here):
Break and close below 75K support confirms weakness → initial target 72K, then deeper pullback into the 68.7K–68K demand zone (lower channel boundary).
Bullish scenario:
Clean breakout + sustained close above 84K invalidates the rejection thesis and opens the path toward $102k.
Price is at a decisive inflection point, and the reaction here will define the next major move.
The broader structure is still bullish, but the current impulsive leg looks extended after completing a clean 5-wave move. We are now transitioning into a potential Wave 5 extension, which often produces one final push into the 81K–84K supply zone before exhaustion kicks in a classic fakeout scenario.
Momentum is already fading as price grinds into resistance. This raises the risk of a short-term top, though it could also play out as consolidation before the next leg higher.
Bearish scenario (higher probability if rejected here):
Break and close below 75K support confirms weakness → initial target 72K, then deeper pullback into the 68.7K–68K demand zone (lower channel boundary).
Bullish scenario:
Clean breakout + sustained close above 84K invalidates the rejection thesis and opens the path toward $102k.
Price is at a decisive inflection point, and the reaction here will define the next major move.
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Disclaimer
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📍Let’s Trade Smart & Stay Protected ⭐️⭐️
📌 Follow only my official links:
📌 Main Channel → t.me/wcsechanneL
📌 Forex Zone → t.me/wcsefxchannel
📌 Promotions, Ads & Partnerships: 📥☎️ t.me/WESLAD
⚠️⚠️Stay safe out there! ❌❌
📌 Follow only my official links:
📌 Main Channel → t.me/wcsechanneL
📌 Forex Zone → t.me/wcsefxchannel
📌 Promotions, Ads & Partnerships: 📥☎️ t.me/WESLAD
⚠️⚠️Stay safe out there! ❌❌
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.