Bitcoin is at a pivotal moment, testing key levels that could determine its next major move. Here's a breakdown of the scenario I’ve outlined:
Resistance at 88,802: Bitcoin hit a descending trendline and was rejected, suggesting strong overhead resistance at this level.
Key Support at 85,000: This appears to be a critical threshold short term. Holding above it could maintain bullish momentum, while a failure to do so might signal a breakdown.
Ascending Trendline from March 11 (76k): A break below 85,000 could lead to this trendline being tested. If it gives way, the next stop would be a retest of 76,000 as support.
Further Downside Risk: If 76,000 fails to hold, we're anticipating a drop to 69,000, indicating a potential deeper correction.
Upside Potential: If Bitcoin breaks above the descending trendline at 88,802, it could target higher resistance levels.
The yellow-circled area is the confluence zone where these trendlines and key levels intersect, making it a high-probability spot for volatility or a breakout in either direction over the next couple of weeks. Keep watch for confirmation as to which way bitcoin may go.
Resistance at 88,802: Bitcoin hit a descending trendline and was rejected, suggesting strong overhead resistance at this level.
Key Support at 85,000: This appears to be a critical threshold short term. Holding above it could maintain bullish momentum, while a failure to do so might signal a breakdown.
Ascending Trendline from March 11 (76k): A break below 85,000 could lead to this trendline being tested. If it gives way, the next stop would be a retest of 76,000 as support.
Further Downside Risk: If 76,000 fails to hold, we're anticipating a drop to 69,000, indicating a potential deeper correction.
Upside Potential: If Bitcoin breaks above the descending trendline at 88,802, it could target higher resistance levels.
The yellow-circled area is the confluence zone where these trendlines and key levels intersect, making it a high-probability spot for volatility or a breakout in either direction over the next couple of weeks. Keep watch for confirmation as to which way bitcoin may go.
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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.