🟥 Bitcoin Update | 4H Frame
Bitcoin experienced a drop towards the 98,000 level, followed by a medium-strength rebound that exceeded expectations, as we had anticipated a halt in the rise at 101,000. However, the price broke through this area and surged towards 105,000, supported by temporary momentum.
Nevertheless, the overall technical signals remain negative, as the price is currently facing a strong supply area intertwined with a price gap, forming a heavy technical barrier. If this area is breached in addition to breaking the 'Portuguese line', it is likely that it will target the previous supply area located between 109,000 and 110,000.
In the current situation, the price has targeted the price gap, and we expected this, entering several trades based on this scenario. However, relatively large liquidity is observed at current levels, which reinforces the likelihood that this rebound is merely a temporary movement before resuming the decline, as it is only targeting liquidity.
That said, the hypothesis of breaking the Portuguese line remains valid, which could lead to additional temporary rises before completing the weekly bearish scenario.
