Technical analysis by CryptoSanders9563 about Symbol BTC on 5/31/2025

BTC has been in an uptrend since early April 2025, breaking above a strong horizontal resistance line (visible in the chart).However, we can now observe a descending channel (falling wedge) after the peak, indicating a potential pullback.Support Levels:The price has tested the 50-day SMA (red) and is approaching the 200-day SMA (green), which is a strong dynamic support (around $94,740–$98,000).Horizontal support lines are around the $103,000 and $100,000 levels, acting as immediate support.Price Pattern:The pattern resembles a bullish flag or descending wedge, suggesting a possible continuation of the previous upward move if a breakout occurs.Before a bullish reversal, a retest of support levels (highlighted in the blue circle) near the moving averages is possible.Future Path (as drawn on the chart):Possible pullback to around $100,000–$98,000 levels.Reversal and breakout are expected to be between $112,000 and $115,000 initially, and possibly higher to $125,000–$130,000.Volume & Momentum:No volume data is shown, but the price action indicates a correction with weakening momentum.Trend lines are sloping upwards, indicating underlying strength despite the correction. Trade Setup Based on This AnalysisEntry Zone: Around $100,000–$98,000 (if price tests support and forms reversal patterns like a bullish engulfing or hammer).Stop-Loss: Below $94,000 (below the 200 SMA and the trendline support).Short-Term Target: $112,000–$115,000.Mid-Term Target: $125,000–$130,000. Risk ConsiderationsIf BTC breaks below the 200 SMA and horizontal support near $94,000, the trend may weaken.Thanks for your support!DYOR. NFA