◾The market is in a strong downtrend, with prices breaking below major psychological levels and trading near lows at $206.51, characterized by lower highs and lows, and high selling volume confirming bearish dominance.
◾Technical analysis indicates a strongly bearish trend, with immediate support at $206.51 and significant support at $200. Resistance levels are at $201.50, $204.50, and $208.00. A break below $206.51 could lead to a swift move to $200.
◾ High selling volume suggests momentum in the downtrend, with any low-volume bounce likely being a correction rather than a reversal.
◾ For intra-day trading, the SHORT scenario is higher probability, with entry triggers at resistance rejection or support break, stop-loss above resistance or breakdown point, and take-profit targets at $201.50, $200.00, and $198.45.
◾ The LONG scenario is a high-risk counter-trend play, only considered at $200 support with a clear bullish reversal signal, stop-loss below entry or $200, and take-profit targets at $204.50 and $208.00.
Summary
· Primary Bias: Bearish. The path of least resistance is down.
· Best Opportunity: Look for a short entry on any pullback to resistance (~$206.50) or a break below $208.00.
· Key Levels to Watch:
· Resistance: $204.50, $208.00
· Support: $206.00, $200.00, $198.45
Disclaimer: This is technical analysis based on a single 1-hour snapshot and should not be considered financial advice. Always conduct your own research, consider multiple timeframes, and manage your risk appropriately. The cryptocurrency market is highly volatile.
