BTC/USD is trading within a descending channel, and price is now testing a key resistance zone near $84,500. If sellers step in, we could see a strong rejection leading to a further drop.
📍 Trade Setup:
Short Entry: Near $84,500 - $85,000 (resistance zone)
Stop Loss: Above $87,400 (to invalidate bearish setup)
Target: $71,700 - $71,500 (lower boundary of the channel)
🔍 Technical Factors:
✔️ Bearish market structure with lower highs and lower lows
✔️ Resistance zone acting as a strong supply area
✔️ Descending channel guiding price lower
💡 Trading Plan:
Look for rejection signs (bearish wicks, engulfing candles, or trendline rejections) before confirming a short position.
A break above $87,400 could invalidate this setup and signal a potential reversal.
📢 What’s your view? Will Bitcoin break down, or are the bulls ready to take control? Let’s discuss! 🚀👇
📍 Trade Setup:
Short Entry: Near $84,500 - $85,000 (resistance zone)
Stop Loss: Above $87,400 (to invalidate bearish setup)
Target: $71,700 - $71,500 (lower boundary of the channel)
🔍 Technical Factors:
✔️ Bearish market structure with lower highs and lower lows
✔️ Resistance zone acting as a strong supply area
✔️ Descending channel guiding price lower
💡 Trading Plan:
Look for rejection signs (bearish wicks, engulfing candles, or trendline rejections) before confirming a short position.
A break above $87,400 could invalidate this setup and signal a potential reversal.
📢 What’s your view? Will Bitcoin break down, or are the bulls ready to take control? Let’s discuss! 🚀👇
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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.
Related publications
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.