BTC/USD – Bearish Setup Forming Next Target: 107.104
As per the recent price action on the 1-hour timeframe, BTC is showing signs of potential downside movement. Here's a detailed breakdown of the current structure:
🔹 Resistance Zone:
Price has rejected multiple times from the resistance zone around the 110,000 level, indicating strong selling pressure.
🔹 Support Level 2:
Price is currently hovering near Support Level 2 (around 108,300 - 108,700), where minor bounces are expected. However, the structure suggests weakening bullish momentum.
🔹 Liquidity Zone:
Below Support Level 2, a liquidity zone lies between 106,800 - 107,200. This area is likely to be the next target as institutional players hunt for stop losses.
🔹 Projected Move:
Price may show minor bullish corrections within Support Level 2, but is expected to break downwards toward the next key level at 107.104, as highlighted on the chart.
🔹 Support Level 1:
In case of further breakdown, Support Level 1 around 104,800 may act as a stronger reversal zone.
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📌 Bias: Bearish
🎯 Short-Term Target: 107.104
📊 Timeframe: 1H
💡 Strategy: Wait for a confirmed break below Support Level 2 and look for short entries with tight risk management.