BTCUSD: Is This the Breakout to a New All-Time High?

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Hello everyone, here is my breakdown of the current Bitcoin setup.

Market Analysis

From a broader perspective, the price action for Bitcoin has been complex, culminating in a powerful breakout. After a fake breakdown below the 108800 Support level, the price reversed strongly, broke out of its consolidation range, and also pushed above a major trend line.

This series of events shows significant bullish strength. Currently, after this strong breakout, the price is in a natural corrective phase, pulling back to retest the broken structures from above.

My Scenario & Strategy

My scenario is built on the idea that this breakout is valid and the uptrend will continue. I see the current pullback as a classic retest, offering a potential opportunity to join the new bullish momentum.

I'm looking for the price to complete its correction to the broken trend line. A confirmed and strong bounce from this line would be the key signal for me that the pullback is over and the primary trend is ready to resume.

Therefore, the strategy is to watch for this bounce. A successful defense of the trend line would validate the long scenario. My new target for the next impulsive wave higher is 128000, which would be a new ATH.

That's the setup I'm tracking. Thank you for your attention, and always manage your risk.

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Update:
- price started to decline;
- price almost decline to trend line;

For this case, I expect that Bitcoin will finally reaches trend line and then will continue to move up.

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Update:

Great! Price declined to trend line and recently started to grow!