Technical analysis by ebrahimilad about Symbol BTC on 11/12/2024

Bitcoin’s price action has responded to the upper boundary of the channel, indicating a potential reversal. In the near term, we anticipate the development of a minor triangle pattern, which will likely precede a sharp upside break above the channel’s resistance. The subsequent reaction zone is expected to be situated around $100,000 ± $2,000, where a triangular or rectangular consolidation pattern will form, ultimately leading to a corrective move towards the broken channel’s upper boundary.