The Descending Triangle on the 4-hour chart, typically a bearish signal, failed to materialize this time. Instead, the Triple Bottom support at 92,000 held strong, driving significant buying volume. A Golden Cross—a classic bullish indicator—confirms strong upward momentum, suggesting bulls are back in control. Supporting this view, BTC broke above the diagonal downward resistance formed by consecutive lower swing highs.
The immediate resistance lies at 102,800, $1,000 above the current price, where BTC could form a local Double Top. The RSI is elevated, and if BTC tests 102–103K, it may enter overbought territory. This could prompt recent buyers to take profits before the weekend, potentially driving BTC down to retest 97,500. This level aligns with the critical 38.2% Fibonacci retracement, offering a favorable risk-reward entry for buyers. This sets the stage for a potential rally just ahead of January 20, when Trump assumes power.
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