BTC/USD Daily Chart
Technical Outlook: Bitcoin prices responded to confluence resistance at the median-line of the broad ascending pitchfork formation we’ve been tracking off the July lows (around ~4410). The pullback is testing interim support at 4212/23 with our broader bullish invalidation level now raised to 3538 where a pair of parallels converge on the 61.8% retracement.
A breach higher from here targets key resistance at 4600/62– a region defined by the record high-day close and the 100% ext of the late-September advance. Subsequent topside objectives eyed at 4921. Bottom line: we’re at risk for a larger pullback if we break this support but the broader outlook remains constructive.
BTC/USD 240min Chart
Notes: A close look at price action shows Bitcoin continuing to trade within the confines of a near-term ascending median-line formation (modified) with the lower parallel highlighting a key support confluence just lower at 4103. We’ll reserve this level as our near-term bullish invalidation level with a breach of the weekly opening range highs targeting 4550 backed by the 100% ext at 4665.
A break below this near-term formation risks a larger pullback with such a scenario eyeing 3887 backed by 3713 & 3538 – both level of interest for exhaustion / long-entries. From a trading standpoint, I’ll be looking to fade weakness into structural support.
