BTC analysis on the daily timeframe:
Support levels:
Main support at 88934.47: This point is defined based on the Cypher pattern (TP1 area associated with point B). The price shows readiness to drop towards this area with the possibility of a strong reaction upon reaching it. I have highlighted it with a dashed yellow line, and it is from point B.
Secondary support at approximately 86900.00: Represents an additional potential support area based on Fibonacci extensions (78.60%) and previous low momentum points.
Resistance levels:
First resistance at 94,733.05: An area that previously showed weakness in momentum, and it is a potential reversal point if the price attempts to break through.
The second resistance at approximately 97,000.00: Represents a higher resistance area that may be tested if a strong reversal and price increase occurs.
Cypher Pattern: Provides support points such as TP1 at 88934.47 and reinforces the idea of a reversal at this point.
Fibonacci levels: Help accurately determine support and resistance areas, showing alignment with the main Cypher points.
Forecast indicator: Supports the drop to support 88934.47 by -6.07% over the coming days, increasing confidence in the validity of the analysis.
The price is currently in a downward trend on the daily timeframe, heading towards the main support area at 88934.47, which is a strong area based on the Cypher pattern and Fibonacci levels. In the event of a reversal, the first resistance is expected to be tested at 94,733.05. Monitoring momentum (RSI and MACD) will help confirm the reversal or continuation of the decline.
