$BTC 15 minutes chart update: bitcoin is trading at around $58,178, showing a significant drop of -1.35%. Here’s an analysis based on the current setup: Key Observations:
1. Price Action:
• The price has broken below the previous support level (marked by BOS - Break of Structure) around $58,280.
• It attempted to test this level again but was rejected, confirming it as a new resistance level.
Resistance and Support:
The chart shows significant resistance around the $59,382 area, which the price has failed to break above. And The current support seems to be around the $57,840-$57,750 area, as indicated by the recent bottom.
Given the current scenario:
• Bearish Outlook:
• If the price fails to break back above $58,421 (marked by the purple line), it might continue to move downward toward the next support level at $57,750.
• A break below this support could lead to further downside, with potential targets around $57,500 or lower.
• Bullish Reversal:
• A reversal would require the price to break and hold above the $58,421 level with strong momentum.
• If the price can break above this level, it may target the $59,000-$59,382 resistance area.
