The current BTCUSD structure hints that the market is now forming an uptrend inside the yellow channel in the direction of the resistance level of 9768.46, which is on the upper bound of the green channel.
When the bulls reach this level, the trend can turn around and start moving down. If the bears manage to break below the lower bound of the yellow channel and the support level of 8970.96, they will open a path in the direction of the lower green bound and the support level of 5967.39.
In the event of a break above the resistance of 9768.46, the market growth will continue, but it is difficult to predict the level to which the bulls can raise the price at the moment.
Let’s continue to watch this cryptocurrency pair.