Bitcoin : The respected resistance zone

Yesterday, we've seen a wild volatility of the price which almost 15% in a single daily candle. Even if it looked huge but it's normal to occur in the crypto space. 15% volatility has brought back the volatility and the passion of most of the traders lately. An increase in volume and a stacking in position has increased so hard because of this 15% volaitility.

Now, from the technical analysis perspective. The price has shown a rejection toward the white region which acts as a strong resistance. However, this is a normal behavior as the price is facing the strong resistance at the white region which is having an alignment with the .786 fibonacci retracement and the middle line of this up trend channel which acted as a resistance zone too. We might see a potential moves to the upside as if it can breaks the white resistance zone.

For the target, I'll expect a spike to the blue region as the area of interim swing high and which has an alignment with the upper line of this channel. As long as this channel holds true, I'll still respect the uptrend bias and push toward the blue region. But if this support trend line has broken out, we might see a further retracement in the future.