Bitcoin has had a solid downward correction, which has been going on since January of this year. Looking at the W1 interval, this crypto has reached key support in the area of USD 83 thousand. This place results from the lower limit of the wide 1:1 system. According to the Overbalance methodology, if a rebound occurs here, a move towards the recent highs at USD 107 thousand is possible. Otherwise, negating the geometry may even lead to a change in the trend to a downward one. In the event of a downward breakout, the zone at USD 74 thousand should be treated as the next support, it results from the previous highs from March 2024. If it is also broken, the next noteworthy support will be the EMA100 average – the blue line on the chart below.
Bitcoin interval W1. Source: xStation5
Looking at the lower time frame – H1, we see an attempt to recover after the last strong sell-off. The price is moving in a local growth channel, and at the end of the week buyers reacted at the lower limit of the 1:1 system – purple rectangles. If the sentiment is maintained, a move towards the upper limit of the channel or even the level of $93330 will be possible, where the upper limit of the large 1:1 geometry falls.
Bitcoin interval H1. Source: xStation5
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