$BTC if you've been following me, you know that we have been closely monitoring BTC's behavior in recent months. As we anticipated, the channel we previously identified was perfectly outlined, and we saw a rise that consolidated just as we projected. However, the market now faces a key resistance, and today we will analyze what is happening across different timeframes to understand where the price could be headed.
BTC/USDT 1D:
In the daily timeframe, we can observe a critical resistance at $88,000, a level that has acted as a solid ceiling in recent sessions. This level seems to have marked a local maximum, and I believe we could be at the start of a pullback towards the lower part of the channel.
Stochastic: Despite the recent drop, the stochastic remains at overbought levels (above 80). This indicates that, although the price has slightly retraced, the buying pressure has not fully dissipated. However, a bearish crossover in the stochastic at this timeframe would be a clear signal that the bears are taking control.
BTC/USDT 4H:
The bullish channel on the 4H timeframe remains intact for now, and the bounce at $85,900 is a sign of strength. However, the resistance at $88,000-$88,700 remains the key level to surpass. If the bulls fail to break this level with significant volume, the bullish channel could give way, opening the door to a deeper pullback.
BTC/USDT 1H:
The triple top at $88,700 is a clear signal that selling pressure is increasing. This pattern, combined with the rejection in the daily timeframe, suggests that the price could be starting a bearish reversal. However, we need confirmation with a close below $85,900 to consider this scenario as dominant.
Signs of a Bear Market?
Beyond technical analysis, it is crucial to observe the overall market environment. We will review it in a future post...
Operate from here, $BTC