From the image, here are key observations regarding Bitcoinâs market trend: 1. Descending Trend and Breakout Attempt: ⢠The chart shows an initial strong downtrend, followed by a consolidation phase. ⢠There was an attempt to break out of the descending structure, forming a symmetrical triangle. 2. Symmetrical Triangle Formation: ⢠The price action formed a symmetrical triangle with lower highs and higher lows, indicating a compression in volatility. ⢠The breakout from this triangle appears to have led to further bearish movement. 3. Key Support and Resistance Levels: ⢠Support Levels: Around $76,000â$80,000, which has shown some reaction. ⢠Resistance Levels: The $90,000â$95,000 zone is a major resistance area, previously acting as support. 4. Current Market Structure: ⢠The price has rebounded slightly after a significant drop. ⢠The price is currently testing a resistance level around $83,000. ⢠If the price gets rejected here, another downward movement could follow. ⢠If BTC reclaims the $85,000 level, a potential retest of higher resistance levels near $90,000 is possible. 5. Potential Market Scenarios: ⢠Bullish Case: If BTC reclaims key resistance levels ($85,000+), it could move towards $90,000 and possibly retest $95,000. ⢠Bearish Case: If BTC fails to break $83,000â$85,000 resistance, another move downward to retest the $78,000â$80,000 region is likely.
#ADA is been dropping hard lower towards the support zone and a flip below of the area. Its a clean downtrend forming a lower low and lower high, so can see a drop lower a closure at $0.61 #TradingCommunity #BTC
⨠Let's dive into the analysis of Bitcoin and important crypto indices. As usual, I will review today's future triggers for the New York session.
𼸠Today's analysis will be conducted in the 4-hour timeframe, as the 1-hour timeframe does not provide the clarity of price information we need, and the 4-hour timeframe is better suited for today's analysis.
âł 4-Hour Timeframe As you can see, after the price broke through the $95,108 area, we witnessed a significant drop on the chart
Bitcoin has bounced back impressively from $78,500, surging past $82,000! đ This marks a solid recovery from recent lows.
If you went long below $80,000, now might be a good time to secure some profits. Expect some consolidation ahead, with $85,000 as the key resistance to watch. âĄď¸
Will BTC break higher, or is another pullback on the way? Stay alert! đĽ #btc