$BTC โ 4H Analysis ๐
After last nightโs ATH, BTC faced rejection and is currently trading around the $121,590 zone.
Here are two possible scenarios from this point:
๐ Scenario 1 โ Bullish Retest
As shown in the chart, BTC could retest the previous long-term resistance zone (now potential support).
If BTC holds the $121,500 โ $120,250 area well and forms a bullish pattern here, it can build a solid foundation for the next leg up.
๐ Scenario 2 โ Bearish Follow-Through
Looking at past candles at resistance, weโve seen an inverted hammer followed by a bearish engulfing โ patterns that have dumped the market effectively before forming a base and moving upward again.
Right now, the 4H chart is showing the exact same pattern โ inverted hammer followed by strong bearish engulfing โ which could push BTC toward $119,500 โ $119,000.
The $119,500 zone could act as a fair long entry if structure supports it.
