Based on the BTC/USD 4H chart you shared, here’s a detailed breakdown of the technical analysis:
---
🟠 Pattern & Setup
- Double Top Formation: Clearly highlighted at the recent highs, signaling potential bearish reversal. This is a classic sign of buyers losing steam near a resistance level.
- Rejection Arrows: Indicate strong resistance where price failed to break higher, adding confluence to the reversal idea.
---
🔻 Sell Bias & Confirmation
- Sell Zone: Around the double top zone (~$93,700+), price is stalling and showing bearish pressure.
-Bearish Arrow: Suggests a move downward is anticipated, likely toward the support zone and trendline confluence.
---
📉 Key Support Zone
- Support Zone Highlighted: Around $88,000–$89,000, where previous structure and buying interest occurred. This is the first potential target for a bearish move.
- Trendline Confluence: Also aligns with the support, adding strength to this level. If price breaks and closes below both, further downside could follow.
---
☁️ Ichimoku Cloud
- Price is currently above the cloud**, indicating short-term bullish structure still intact. However, a break below the support + cloud would be a strong bearish signal.
---
🔑 What to Watch For
- Bearish Confirmation: If the neckline of the double top breaks (around ~$92,250–$92,150), it could confirm the pattern and trigger the move toward support.
- Invalidation: A breakout above the double top would invalidate this bearish setup and suggest continuation toward higher highs.
---
✅ Summary
- Bias: Bearish (short-term)
- Trigger: Break below ~$92,150
- Target 1: $88,000–$89,000 support zone
- Trendline + Cloud support: Key areas to watch for either a bounce or further breakdown
Sell Setup: Double Top Formation
Entry Zone: Around 93,700 (top of the double top)
---
Take Profit Levels:
- TP1: 91,600
Just above the neckline for a safer partial exit.
- TP2: 89,300
Aligns with the major support zone and previous consolidation area.*
- TP3: 87,000
At the trendline + cloud support confluence — a strong area for a possible bounce.
🚨🚨
👉Keep an eye on the charts and your portfolio, and remember: DYOR -Crypto is always changing, so stay informed before jumping in! 🚀💸
Binance Square Family...❤️🔥❤️🔥
I hope my analysis has been helpful to you. If you have any questions, please leave a comment. I'm always happy to help.
I appreciate your support and Wish you good luck 💐🌺🍁