BTC/USD 3H – Potential Reversal from Resistance 🚩
Analysis:
Trend: The chart shows Bitcoin in a clear uptrend, respecting an ascending trendline until the recent test of a strong resistance zone around $121,000–$122,000.
Resistance Zone: Marked with a red arrow and shaded box — price is approaching a critical resistance area. Sellers may step in here.
Bearish Scenario: A pullback is anticipated. The projection shows a possible rejection at resistance, a lower high formation (zig-zag), then a drop towards the target area at around $115,000.
Support Zone: Strong support lies around $110,000, backed by the horizontal box and the 200-period moving average.
Key Signals:
Yellow circles highlight significant bounce points from the trendline and MAs, confirming the trend’s reliability so far.
The RSI at the bottom shows overbought conditions (85.78), supporting the case for a potential pullback.
Plan: Watch for a bearish rejection pattern (e.g., shooting star or bearish engulfing) around resistance for a potential short setup targeting $115,000 initially.
✅ Bias: Neutral-to-Bearish — Look for confirmation before entering.
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