Bitcoin (BTC/USD) 4-Hour Chart Analysis
Current Market Structure:
Price Level: BTC is trading at $84,078, showing a 1.84% increase.
Trend Overview: The chart shows a descending structure followed by a recovery in a bullish channel.
Resistance & Support Zones:
Resistance Zone (Red Box): Around $87,000.
Support Zone (Blue Box): Below $78,000, possibly reaching $76,000.
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Technical Patterns & Indicators
1. Bearish Reversal Setup:
Price is currently moving within an ascending channel (blue box).
A break below this channel could confirm a bearish move.
The white support trendline may act as the last defense before a sharp drop.
2. Key Fibonacci Level (0.618 Retracement):
The 0.618 Fibonacci retracement is acting as a critical pivot zone.
A failure to hold above it could accelerate the bearish move.
3. Projected Price Movement:
Short-Term Bullish Move: BTC might test the $87,000 resistance before a potential rejection.
Bearish Breakdown: If BTC fails to break above the resistance, expect a decline toward $76,000–$78,000.
Validation: A confirmed breakdown below the white trendline would confirm bearish momentum.
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Trade Considerations
Bullish Scenario: If BTC breaks and closes above $87,000, it may continue higher.
Bearish Scenario: A rejection from $87,000 or a break below $82,500 confirms a move towards $78,000–$76,000.
Risk Management: A stop-loss should be placed above $88,000 if shorting.
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Conclusion
Short-term traders should monitor the resistance at $87,000.
A break and close below the ascending channel could trigger a sell-off.
If BTC holds the support near $82,500, it might consolidate before making a bigger move.
Current Market Structure:
Price Level: BTC is trading at $84,078, showing a 1.84% increase.
Trend Overview: The chart shows a descending structure followed by a recovery in a bullish channel.
Resistance & Support Zones:
Resistance Zone (Red Box): Around $87,000.
Support Zone (Blue Box): Below $78,000, possibly reaching $76,000.
---
Technical Patterns & Indicators
1. Bearish Reversal Setup:
Price is currently moving within an ascending channel (blue box).
A break below this channel could confirm a bearish move.
The white support trendline may act as the last defense before a sharp drop.
2. Key Fibonacci Level (0.618 Retracement):
The 0.618 Fibonacci retracement is acting as a critical pivot zone.
A failure to hold above it could accelerate the bearish move.
3. Projected Price Movement:
Short-Term Bullish Move: BTC might test the $87,000 resistance before a potential rejection.
Bearish Breakdown: If BTC fails to break above the resistance, expect a decline toward $76,000–$78,000.
Validation: A confirmed breakdown below the white trendline would confirm bearish momentum.
---
Trade Considerations
Bullish Scenario: If BTC breaks and closes above $87,000, it may continue higher.
Bearish Scenario: A rejection from $87,000 or a break below $82,500 confirms a move towards $78,000–$76,000.
Risk Management: A stop-loss should be placed above $88,000 if shorting.
---
Conclusion
Short-term traders should monitor the resistance at $87,000.
A break and close below the ascending channel could trigger a sell-off.
If BTC holds the support near $82,500, it might consolidate before making a bigger move.
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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.
Follow my Telegram channel get more vip signal link in Bio click there
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.