Bitcoin Buy The Dip !Bitcoin / TetherKUCOIN:BTCUSDTAMIT-RAJANHello, traders! 🚀 Welcome to another exciting analysis of Bitcoin’s price action. Bitcoin has been following a well defined ascending channel for several years respecting both its support and resistance levels so let's discuss about this. Bitcoin's Long-Term Ascending Channel: A Technical Analysis Introduction-: Bitcoin has been following a well-defined ascending channel for several years, respecting both its support and resistance levels. Recently, BTC broke out above a key level at $71,000 which now acts as a potential retest zone before further continuation. In this article, we will analyze the price action, discuss the importance of this level, and assess the potential upside towards channel resistance. Additionally, we will analyze a recent *Bearish Wyckoff Distribution pattern, which played out in a consolidation range between $91,000 support and $106,000 resistance, leading to a breakdown. Understanding the Chart Structure-: The Bitcoin/USDT chart showcases a multi-year ascending channel, with prices moving within a clear range of higher highs and higher lows. The key elements of this structure include: Channel Support-: The lower boundary, where BTC historically finds buying interest. Channel Resistance-: The upper boundary, which has served as a major price ceiling in past bull runs. Breakout & Retest Zone-: The critical $71,000 level which was recently broken but still awaits a retest on the monthly chart. Bearish Wyckoff Distribution Breakdown-: Another important pattern observed is a Bearish Wyckoff Distribution, where Bitcoin consolidated within a range of $91,000 support and 106,000 resistance before breaking down. This pattern suggests that larger players may have been distributing their holdings before the recent drop. The breakdown from this consolidation zone indicates a bearish shift in market structure which could signal further downside pressure if BTC fails to reclaim the previous support levels. Bearish Wyckoff-: Trading Plan from Retest Zone-: With the $71,000 retest still pending, traders should consider the following scenarios: Long Entry-: If BTC successfully holds above $71,000 on a confirmed retest, a long position targeting $115,000 - $200,000+ could be viable. Stop-Loss Placement-: Long traders should consider setting stops below $69,000. Why the $71,000 Retest is Important-: Retests of breakout levels are crucial in technical analysis. If BTC successfully holds above $71,000, it could confirm a bullish continuation, reinforcing this level as new support. However, a failure to hold could indicate a potential fake breakout, leading to a deeper correction. Successful Retest-:If Bitcoin finds support here, it increases the probability of an upward move towards the next resistance, possibly targeting $200,000 based on the channel projection. Failed Retest-: If BTC falls back below $71,000, traders should watch for further downside, possibly testing mid-range levels before resuming an uptrend. Market Psychology: Buy the Dip ? The phrase "Buy the Dip" seen in the image represents a popular trading mindset, where investors take advantage of price corrections within an uptrend. Given Bitcoin’s historical price movements, each dip towards key support levels has historically provided strong buying opportunities. However, waiting for a proper retest confirmation is essential before making an entry. Key Takeaways-: 1. Bitcoin remains within a long-term ascending channel. 2. $71,000 is a crucial level that still awaits a retest on the monthly chart. 3. A successful retest could propel BTC towards the upper channel resistance, possibly over $200,000. 4. Failure to hold above $71,000 may trigger further corrections. 5. A Bearish Wyckoff Distribution led to a breakdown from the $91,000 - $106,000 range. 6. Patience is key—wait for confirmation before making significant trading decisions. 7. A trading plan with risk management is essential before taking positions. Final Thoughts-: Bitcoin’s recent breakout is an exciting development, but traders must watch how BTC reacts to its retest zone. With strong market momentum and historical patterns suggesting a continuation, the ascending channel remains intact. However, the recent Bearish Wyckoff Distribution breakdown adds a new layer of caution for traders. Whether you are a trader or a long-term investor, understanding these key technical levels can help you make informed decisions. Let’s keep an eye on that monthly retest—the next big move could be just around the corner! 🚀 Best Regards- Amit