Bitcoin Price Action Analysis – Bearish Correction Toward Demand
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Let's analyze $BTC !
Rising Trendline Break: The bullish structure has broken down as the price failed to hold above the key support region around $96,000–$96,200. Targeted Demand Zone: The highlighted purple box between $94,200 and $94,700 represents a demand zone that has previously shown strong buyer interest. The current structure suggests #bitcoin may revisit this zone for a potential bounce.
Bearish Momentum: A large arrow indicates the directional bias toward the downside, aligning with the correction and market sentiment.
Fake RSI Divergence: The #RSI panel indicates a “Fake Divergence” pattern, which may have misled early bulls.
RSI has since dropped and currently hovers in the neutral zone, with no strong bullish signals yet. _____________________________
Conclusion: Unless a strong bounce occurs around current levels, Bitcoin looks poised to correct further toward the $94,200–$94,700 demand zone. Traders should watch for reactionary price action and bullish reversal patterns before considering long entries.
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