$BTC Update!!
BTC is testing a major resistance zone around $86.5K–$87K on the daily timeframe.
Price has been moving inside a rising structure since the June low, and we can see a similar ascending pattern from the previous move earlier this year. BTC is now approaching the upper trendline of the current structure.
The interesting part is the daily RSI, which has moved back above 70 and is showing signs of becoming stretched. We’re also seeing a small rejection from the $86.7K area.
If BTC breaks and closes cleanly above $87K, the next area to watch would be around $88K+.
But if this resistance holds, a pullback toward the lower trendline could come into play before another attempt higher.
$86.5K–$87K is the key zone right now. I’m watching the reaction here closely.
#bitcoin
BTC is testing a major resistance zone around $86.5K–$87K on the daily timeframe.
Price has been moving inside a rising structure since the June low, and we can see a similar ascending pattern from the previous move earlier this year. BTC is now approaching the upper trendline of the current structure.
The interesting part is the daily RSI, which has moved back above 70 and is showing signs of becoming stretched. We’re also seeing a small rejection from the $86.7K area.
If BTC breaks and closes cleanly above $87K, the next area to watch would be around $88K+.
But if this resistance holds, a pullback toward the lower trendline could come into play before another attempt higher.
$86.5K–$87K is the key zone right now. I’m watching the reaction here closely.
#bitcoin
