This chart is a 4-hour candlestick chart of Bitcoin (BTC/USD) from TradingView, with analysis indicating a possible short-term price correction. Here's a breakdown of the key elements:
Chart Overview
Current Price: ~$109,319
Chart Timeframe: 4H (each candlestick = 4 hours)
Published on: June 10, 2025
Technical Levels
Resistance Zone (recent high): Around 109,500โ110,000 (marked with orange circles)
Support Zones:
First support: 107,718 (highlighted with a green line)
Second support: 106,985 (another green line just below)
Next major support: 105,605
Demand zone: 103,000โ104,000 (purple shaded area)
Strong base support: 101,538
Technical Patterns & Indicators
Double Top formation (orange circles): Suggests potential reversal from recent highs.
Bullish rally followed by correction: Price surged but now shows signs of retracement.
Bearish projection (green arrows): Implies a possible pullback toward the 106,985โ105,605 support zone.
Interpretation
The chart suggests the following:
1. Bitcoin recently hit a local peak (~109,500).
2. Thereโs potential for a pullback to retest the 107,718 and 106,985 levels.
3. If those supports fail, price may head toward 105,605 or even the demand zone (103,000โ104,000).
4. The zone around 101,538 would be considered a last line of defense for bulls.
Summary
Short-Term Bias: Bearish correction
Key Watch Levels: 107,718 and 106,985 (for bounce or breakdown)
Long-Term Trend: Still bullish unless 101,538 breaks
Let me know if you'd like this analysis turned into a written trading plan or if you need it tailored for a specific strategy (e.g., day trading, swing trading).
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