IBIT – Bitcoin Trust Tracking the Channel with PrecisioniShares Bitcoin TrustBATS:IBITbitbryTicker: IBIT – iShares Bitcoin Trust Timeframe: 1D (Daily) Current Price: $66.83 Bias: Bullish within ascending channel Outlook: Continuation possible after Stoch RSI reset and trendline bounce 🧠 Idea Summary IBIT has been trading within a strong ascending channel (marked in red) since late 2023. After a brief consolidation near the channel midline, price is attempting a bounce from key support levels. This resembles the previous bullish flag breakout pattern (white lines) seen in mid-2023. 🔍 Technical Breakdown 📌 Red Ascending Channel Price has followed a rising parallel channel since late 2023. The current price is bouncing from the lower bound of this channel. 📌 Previous Bull Flag (White) In 2023, IBIT broke out of a long consolidation channel with a strong rally — the current structure is mirroring that behavior. 📌 Support/Resistance Levels 🔶 Support: ~$63 (200 SMA) 🔶 Resistance: ~$70 (channel top) Holding above $63 maintains the bullish structure. 📈 Moving Averages 9 SMA and 50 SMA are both sloping upward, suggesting bullish strength. Price is currently holding above both, a positive sign for continuation. 🔄 Momentum Indicators Stoch RSI: Rebounding from oversold (~19), indicating a potential fresh upside leg RSI (14): Hovering near 57 — still has room to run before overbought territory 📊 Volume Volume has been consistent with bullish moves, but a breakout above $70 should ideally be accompanied by a volume spike. 🚀 Potential Price Targets 🎯 Target 1: $70 (Channel top & psychological resistance) 🚀 Target 2: $75+ (Channel extension if momentum picks up) ⚠️ Risk Management A breakdown below $63 and the lower trendline would invalidate the bullish channel and signal a potential trend shift. Watch for volume divergence or failed follow-through on bullish setups. 🔔 Conclusion IBIT is respecting technical structure and preparing for a possible continuation move. The recent bounce off the lower trendline, supported by Stoch RSI reset, offers a compelling long setup if momentum follows through. Keep an eye on $70 for breakout confirmation. ✅ Like this idea if you find it useful 💬 Share your thoughts or levels below 📌 Follow me for more crypto/ETF swing setups