Resistance Zone (Red Box at ~$85,000)
The price has reached a strong resistance level.
A double-top pattern is forming, suggesting a potential reversal.
There is a rejection from the resistance zone, indicating selling pressure.
Support Levels (Blue Boxes at ~$83,000 & ~$81,500)
If the price breaks below the minor consolidation, it may test the first support level (~$83,000).
A further breakdown could push BTC towards the second support (~$81,500).
Trendline Support (~$79,000 - $80,000)
The red trendline suggests BTC may find stronger support around $79,000, aligning with a potential descending move.
Bearish Scenario (If resistance holds)
BTC fails to break above $85,000.
A reversal pattern (double top) leads to a breakdown to support levels.
A possible downward trend towards trendline support at ~$79,000.
Bullish Scenario (If resistance breaks)
If BTC breaks and holds above $85,000, we may see continuation towards $87,000 - $89,000.
Confirmation would require strong volume and a retest of resistance turning into support.
Conclusion:
Currently, the chart leans bearish unless BTC breaks above $85,000 convincingly.
Watch for support reactions and confirmation of a breakdown before shorting.
If BTC holds above $85,000, a bullish continuation is possibl
The price has reached a strong resistance level.
A double-top pattern is forming, suggesting a potential reversal.
There is a rejection from the resistance zone, indicating selling pressure.
Support Levels (Blue Boxes at ~$83,000 & ~$81,500)
If the price breaks below the minor consolidation, it may test the first support level (~$83,000).
A further breakdown could push BTC towards the second support (~$81,500).
Trendline Support (~$79,000 - $80,000)
The red trendline suggests BTC may find stronger support around $79,000, aligning with a potential descending move.
Bearish Scenario (If resistance holds)
BTC fails to break above $85,000.
A reversal pattern (double top) leads to a breakdown to support levels.
A possible downward trend towards trendline support at ~$79,000.
Bullish Scenario (If resistance breaks)
If BTC breaks and holds above $85,000, we may see continuation towards $87,000 - $89,000.
Confirmation would require strong volume and a retest of resistance turning into support.
Conclusion:
Currently, the chart leans bearish unless BTC breaks above $85,000 convincingly.
Watch for support reactions and confirmation of a breakdown before shorting.
If BTC holds above $85,000, a bullish continuation is possibl
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.
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.