Ah, Bitcoin. The hero we deserve, but not the one we want. It has been lumbering about, rather like a bruised, but proud warrior who, despite being abandoned by retail investors and forsaken in favour of the ever-rising stock market, still dares to cling to life. Why, you ask, would anyone waste their time on Bitcoin in such an environment? Well, here’s the catch: it’s precisely in these moments of disdain that Bitcoin seems to perform its most miraculous feats. Patience, dear reader. Patience is all that’s required to witness the next great rally. 🤑
$106,000 Horizontal Support Holds – Just Like Your Old Nanna’s Couch
Now, Bitcoin has had a rather rough patch, with its price descending faster than an unfortunate dinner guest trying to exit through the wrong door. But lo and behold, it has once again found solace at that trusty $106,000 horizontal support level. It’s like that one chair at a party-unassuming, slightly creaky, but it holds up everyone without fail. So, rest assured, no major structures were broken, and as far as the bull market is concerned, it remains intact-for now. 🐂
After this brief dip, $BTC managed to break through the $108,000 mark, flipping it into support. Quite the impressive feat, really. And, as if that weren’t enough, the price pierced through a rather faint dotted line (a technical trendline for the curious). Now, eyes are on the bold black line above, which marks the key resistance level at $116,000. Could this be the moment Bitcoin truly shines, or is it merely a prelude to further uncertainty? Only time-and perhaps a cup of tea-will tell. ☕
The Grand Long-Term Trendline – Better Than Your Uncle’s Fishing Tales
If we take a long, leisurely glance at the weekly time frame, another trendline comes into play. The 7-month trendline, faint as a ghost at a séance, has had its ups and downs, and I do mean that quite literally. But beneath it lurks a far older, far more dependable trendline (bold black, of course) that stretches all the way back to August 2024. However, there’s a small wrinkle in this otherwise immaculate picture-those pesky dips in April that sent the candle bodies plummeting through it. A bit of a hiccup, really. Yet, despite this, the trendline has had several other “touchpoints,” which, if you squint hard enough, vouch for its validity. 🤨
In short, this longer trendline seems a tad more trustworthy than the short one above it, which has seen prices drop below it faster than my enthusiasm for the latest tech gadget. But here’s the kicker: these two trendlines-one old, one new-are rapidly approaching an apex, where something’s going to have to give. Either Bitcoin enters a bear market and we all weep into our lattes, or we see the bull market surge back with a vengeance. 🎯
An Ascending Wedge – The Plot Twist We All Saw Coming
And now, let’s venture further into the abyss of the 2-week time frame. The pattern emerging is one of those classic ascending wedges that seem to form every time Bitcoin gets a little too ambitious. Statistically, these tend to break downwards, which is rather like a drama where the protagonist spends two hours making bad decisions, only for everything to fall apart at the end. If Bitcoin is going to keep the bull market alive, it will need to summon all the effort of a football team trying to score on the last play of the game. ⚽
The resistance level in this scenario has risen slightly, hovering at $117,000. Candle wicks and bodies have repeatedly tested this level, as if Bitcoin is playing a game of “how many times can I hit the same spot before it finally gives in?” To make matters more interesting, three of these candle wicks have managed to keep ascending, retesting the 8-year ascending trendline. Classic Bitcoin, always keeping things dramatic.
One of the few things that remains with the bulls is the Stochastic RSI-an indicator that seems to be stubbornly hovering near the bottom on the weekly chart. The 2-week chart shows it’s heading downward, but don’t count Bitcoin out just yet. With enough momentum, it might just blast through the top of this wedge and trigger a final blow-off top, leaving us all with jaws on the floor. Or, you know, it might get rejected. It’s a wild ride either way. 🎢
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2025-10-31 13:37