BTC-“Ascending Channel Formation”

4-Hour Analysis:

Big Picture: Bitcoin recently achieved its all-time high weekly closing. Since then, the bullish stance has been unaffected, and the price is slowly and steadily advancing higher, resistance after resistance. Furthermore, average volumes have returned to early 2023 levels, indicating that participation remains very active. Similarly, oscillating indicators on higher timeframes are nearing very overbought circumstances, which will eventually lead to very significant volatility. However, the bulls continue to dominate the short-term trend.

On the Upside after breaking above the 72,000 barrier, the price climbed towards higher levels. After this price not only tested but also overcame the next intraday obstacles of 72,550 and 52,710, and is now targeting the resistance level of 73,180. The initial test at this level has resulted in some partial profit-taking on a lower time frame; but, if the current momentum persists, Bitcoin is expected to rise higher into 74,650 and perhaps 75,550.

On the Downside 72,120 serve as the immediate intra-day support level. Following this, the price finds next supports at the dynamic levels of EMA-24 and EMA-32. Both of these EMAs have been serving as strong trending supports. In recent days, the price has challenged and bounced off these EMAs several times. The EMAs are currently at 70,805 and 70,140, respectively. These levels also remain the session’s major supports.