Bitcoin Eyes Higher Highs as Broadening Wedge Signals Bullish Continuation

• Bitcoin targets $110K resistance as a broadening wedge signals strong bullish momentum and potential highs near $130K.
• Surging OBV and aligned Fibonacci levels confirm robust buying pressure, reinforcing Bitcoin’s upward trajectory.
• The 50- and 200-day EMAs support Bitcoin’s bullish outlook, with $100K as a key foundation for higher price targets.

With its price action showing strength within a right-angled ascending expanding wedge, Bitcoin is well-positioned for future gains. According to this technical pattern and the accelerating market momentum, Bitcoin may surpass the $110,000 resistance level and pursue much higher goals.

Strong Technical Indicators Fuel Confidence

The broadening wedge highlights Bitcoin’s steady upward trajectory, characterized by a rising lower trendline and a horizontal upper boundary. Each higher low confirms the pattern’s validity, with increasing volatility indicating robust market activity. A breakout above $110,000 would signal a bullish continuation, targeting a potential move toward $130,000.

The On-Balance Volume (OBV) indicator reinforces this bullish outlook. It recently broke above its downward-sloping trendline, aligning with Bitcoin’s price breakout. This correlation underscores strong buying pressure and validates the price movement. The height of the wedge projects further price gains, amplifying optimism among market participants.

Fibonacci Levels and EMAs Provide Clarity

Bitcoin is trading at $103,886.11, testing critical Fibonacci retracement levels. The 0.236 Fibonacci level at $102,415.26 serves as immediate resistance. Meanwhile, the 0.382 level at $100,332.00 and the 0.5 level at $98,648.27 offer strong support during pullbacks.

Additionally, the 50-day EMA at $99,098.47 and the 200-day EMA at $96,841.38 confirm medium- and long-term bullish momentum. The gap between these EMAs reflects sustained upward price action, while their alignment with Fibonacci levels enhances their significance.

The ascending dashed trendline further supports Bitcoin’s bullish trajectory. It has provided stability during pullbacks and guided the ongoing recovery. Moreover, the $100,000 psychological level strengthens Bitcoin’s foundation for higher price targets.

Market Outlook

As Bitcoin gets closer to crucial resistance, which is around $110,000, momentum is still strong. EMAs and Fibonacci retracement levels serve as markers for traders. The $130,000 target seems attainable in the upcoming weeks if the breakout happens.

Consequently, traders should monitor market activity closely, given the alignment of technical indicators. The ascending wedge, surging OBV, and robust support levels signal that Bitcoin’s upward trend is far from over.