Bitcoin is holding near $77,000-$78,000 as traders watch a key support zone for signs that the latest consolidation is nearing an end. One-hour and four-hour charts show $BTC compressing below resistance, with a bullish breakout scenario still intact unless price loses support and opens the door to $73,000-$75,000.
Bitcoin Holds Key Support as Bulls Target $79K Resistance
Follis sees Bitcoin’s current position as unattractive for fresh shorts, arguing that $BTC is trading directly into an established support area. The one-hour chart shows buyers repeatedly defending the lower boundary of the recent range while resistance continues to cap rebounds near $79,000.
Bitcoin $BTC $77K Support and $79K Resistance. Source: Follis on X
Bitcoin was near $77,160 when the chart was captured early Sept. 3, placing price just above a horizontal support zone around $76,800-$77,000. That area has generated several reactions since late August, making it the immediate level bulls need to defend.
The chart also highlights repeated rejection near roughly $79,100-$79,300. $BTC has tested that resistance three times without establishing a sustained breakout, creating a well-defined range between support near $77,000 and resistance above $79,000.
Short-term price action has also formed a descending structure into support. If buyers continue defending the range floor and $BTC breaks that local downtrend, the chart’s projected path points toward another challenge of $79,000.
A decisive move above the repeated highs would provide stronger confirmation that buyers have regained control. Until then, the bullish case remains conditional on Bitcoin maintaining the lower support boundary. A sustained breakdown below that zone would invalidate the immediate rebound setup and increase the risk of a deeper retracement.
Bitcoin Triangle Could Set Up a Strong Wave 5 Move
Freedom By 40 is watching a larger four-hour triangle that could represent wave 4 of Bitcoin’s advance. In that scenario, the tightening consolidation would be corrective rather than the beginning of a larger bearish trend, potentially setting up a stronger wave 5 move once the triangle resolves.
Bitcoin $BTC Wave 4 Triangle Setup. Source: Freedom By 40 on X
The four-hour chart shows $BTC at about $77,789 inside converging trendlines. The upper boundary slopes lower from the $80,000 region, while the rising lower boundary has continued to support price near the mid-$76,000 to $77,000 area.
The structure is labeled as an A-B-C-D-E triangle, with the current sequence potentially moving toward completion of wave 4. Such a resolution would favor a renewed upside move if Bitcoin breaks through the descending upper trendline and confirms that buyers have taken control.
The chart identifies $76,223 as a particularly important level. Holding above it preserves the triangle interpretation and keeps the bullish wave 5 scenario in play.
That level also provides a clear invalidation point. Freedom By 40 said a move below the green line would make the triangle less likely and instead favor a flat corrective structure, potentially sending Bitcoin toward the $73,000-$75,000 region before another recovery attempt.
Bitcoin therefore remains caught between clearly defined technical levels. Holding roughly $76,000-$77,000 and breaking through $79,000 would strengthen the bullish case, while losing $76,223 would shift attention toward deeper support at $73,000-$75,000.
Leave a Reply
You must be logged in to post a comment.