Bitcoin Price Analysis: Key Levels, Trendline Rejection & Major Support Zones ๐
The Bitcoin (BTC) chart on the 1D timeframe (BITSTAMP) is showing some significant market structure levels, presenting a crucial juncture for traders and investors. Letโs break down the key insights from this chart and what to expect next.
๐Technical Breakdown
1๏ธโฃ Trendline Rejection & Short-Term Resistance
BTC has faced a trendline rejection (marked in red), showing that sellers are still in control.
The price attempted to break above the downward sloping resistance but failed, confirming bearish pressure in the market.
The short-term high at $91,794 is a key resistance level. If BTC breaks above this, we could see bullish momentum towards $100K.
2๏ธโฃ Major Support Zone at $72K - $74K ๐
The green zone (Major Support) around $73,500 has been tested previously and acted as a strong demand area.
If BTC falls further, this level will be critical for buyers to defend and could present a high-probability long opportunity.
3๏ธโฃ MACD Indicates Bearish Momentum โ ๏ธ
The MACD indicator shows a bearish crossover with the histogram trending downward.
This suggests weakening momentum and could hint at further downside if buyers fail to step in.
๐ Whatโs Next for BTC?
๐น Bullish Case (Break Above Trendline & $91K Resistance)
If BTC closes above the trendline resistance and $91,794, we could see a strong move towards $100K+.
Momentum indicators must flip bullish for confirmation.
๐น Bearish Case (Rejection & Drop to $73K Support)
If BTC fails to break above the trendline, a rejection could send the price towards the major support at $73K.
If this support fails, BTC could retest lower levels around $65K - $70K.
๐ For Swing Traders: Look for a bullish breakout confirmation above resistance or a strong bounce from $73K support.
๐ป For Short Sellers: A rejection at resistance could present shorting opportunities with stop-loss management.
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