Bitcoin Tests Channel Support, Eyes Breakout Above Supply Zone for OANDA:BTCUSD by ZenTrade_Setup
The 1H BTCUSD chart shows Bitcoin trading within a well-defined ascending channel that has guided price action for the past two weeks. After a strong impulsive rally that pushed price to a high of 66,922. 8, aligning with the 1. 0 Fibonacci extension, the market entered a corrective phase, retracing through key levels including the 0. 618 (65,709) and 0. 5 (65,354) marks. This pullback was confirmed by a CHoCH (Change of Character) signal, indicating weakening bullish momentum after the rejection …
The 1HBTCUSDchart shows Bitcoin trading within a well-defined ascending channel that has guided price action for the past two weeks. After a strong impulsive rally that pushed price to a high of 66,922. 8, aligning with the 1. 0 Fibonacci extension, the market entered a corrective phase, retracing through key levels including the 0. 618 (65,709) and 0. 5 (65,354) marks. This pullback was confirmed by a CHoCH (Change of Character) signal, indicating weakening bullish momentum after the rejection near the Major Supply/Resistance Zone (65,350–65,600) — a level that has repeatedly capped upside attempts throughout July. Currently trading at 64,098. 0, down 0. 11% on the session, price has dropped to the lower boundary of the ascending channel, an area that has historically provided strong support during this trend. This channel structure, combined with the 0 Fibonacci level near 63,746, creates a zone of confluence where buyers may look to step back in. The projected path suggests a stepped recovery is possible from this channel support, with price potentially working through a minor pullback before attempting to reclaim the Major Supply Zone and push toward a breakout above the channel's upper boundary, targeting fresh highs beyond 66,922. 8. From a risk management perspective, the key invalidation level is a decisive break below the channel's lower trend line (under 63,745). Such a move would suggest the ascending channel structure has broken down and could open the door for a deeper retracement toward the Buy Zone near 61,380–62,000. For now, structure favors a bounce from channel support, with traders watching for confirmation before targeting a breakout above the supply zone. Do you think Bitcoin will hold channel support and break higher, or will we see a deeper pullback toward the Buy Zone first?DisclaimerThe 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 theTerms of Use.