Bitcoin is showing repeated rejections from the $110K and $108K zones. Currently, it's moving upward from the $98K area toward resistance, but price action remains compressed between the major trendline support and resistance.
This range-bound structure suggests that a pullback may be imminent, especially as RSI is forming consistent bearish divergence and the MACD is signaling weakness. A liquidity sweep to the downside could occur before a decisive move.
However, if BTC manages to break above the converging trendlines with strong volume, we may see a move toward $110K again for a retest. Watch $106K as an intermediate support. If that fails, further downside may follow.
This range-bound structure suggests that a pullback may be imminent, especially as RSI is forming consistent bearish divergence and the MACD is signaling weakness. A liquidity sweep to the downside could occur before a decisive move.
However, if BTC manages to break above the converging trendlines with strong volume, we may see a move toward $110K again for a retest. Watch $106K as an intermediate support. If that fails, further downside may follow.
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🌹TRADING is a CASINO💔!? NO‼️ You❗️CAN and ❗️SHOULD make money in trading! Join me, I'll guide you to PROFITABLE TRADING💵! 🟢Free Telegram Channel: : telegram.me/crypto_vulture_signals
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.