Key Observations:
Resistance Zones:
A significant resistance area is marked near the previous ATH BTC (All-Time High) and within the labeled "MicroStrategy" zone, indicating a strong selling region.
Fibonacci retracement levels (0.236, 0.382, 0.5, 0.618, 0.786) align with these resistance levels, showing potential rejection points.
Support Levels:
The demand zone near $91,239.77 is highlighted as a key support area.
The chart shows Fibonacci retracement support near $94,546.74 and $92,918.26, where buy orders have been triggered.
Black Swan Dump Warning:
A significant downside warning labeled as "Black Swan Dump Incoming" is noted. This suggests anticipation of a sharp sell-off, potentially targeting the lower Fibonacci retracement zones or even breaking the demand area.
Breakout or Fakeout?:
The annotation suggests market indecision around $104,089.07, where the price may either break higher or face rejection.
Current Price Action:
The current price hovers near $94,978.74, slightly above the Fibonacci 0.786 retracement level. This indicates a precarious position, where a bounce or further drop could occur.
Bearish Bias:
Several labels such as "BTC Crash Alert", "The Bears are out", and "Black Swan Dump Incoming" indicate a strong bearish sentiment.
Potential Scenarios:
Bearish Scenario:
If the price fails to hold the $94,546.74 level, it could target the demand zone near $91,239.77 or even break lower toward the 0.618 Fibonacci extension ($90,682.18).
Bullish Scenario:
A breakout above $104,089.07 could invalidate the bearish sentiment and lead to a rally toward $105,715.06 or the ATH supply zone.
Strategy Recommendations:
Short Trades:
Consider short positions near resistance levels ($98,901.95, $101,452.76) with a tight stop-loss above $105,715.06.
Long Trades:
Look for buying opportunities near the demand zone ($91,239.77) or if a clear breakout above $104,089.07 occurs.
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.