Market Structure & Key Levels:
The Bitcoin (BTC/USD) 4-hour chart displays a descending channel breakout, followed by a range-bound consolidation phase.
Key Support Levels:
$78,000 - $77,320: A strong demand zone where buyers have previously stepped in.
$80,000: Psychological support level.
Key Resistance Levels:
$84,340: Short-term resistance currently being tested.
$85,996: Next major resistance level.
$89,363: Target resistance level if a breakout occurs.
$92,331: A higher timeframe resistance level.
Chart Pattern & Price Action:
Descending Channel (Early March)
Price was in a downtrend, forming a descending channel pattern.
The breakout from this channel led to a shift in momentum.
Range Consolidation (Current Pattern)
After the breakout, BTC entered a sideways accumulation phase (marked by the red box).
Price is bouncing between $82,000 - $84,500, showing low volatility and indecision.
Breakout Possibility (Bullish Bias)
A break above $84,500 could confirm a bullish move towards $85,996 and beyond.
The next major target is $89,363, which aligns with previous resistance.
Support Retest (Bearish Risk)
If BTC fails to break resistance, we might see a retest of $80,000 or even $78,000.
A break below $77,320 would invalidate the bullish scenario.
The Bitcoin (BTC/USD) 4-hour chart displays a descending channel breakout, followed by a range-bound consolidation phase.
Key Support Levels:
$78,000 - $77,320: A strong demand zone where buyers have previously stepped in.
$80,000: Psychological support level.
Key Resistance Levels:
$84,340: Short-term resistance currently being tested.
$85,996: Next major resistance level.
$89,363: Target resistance level if a breakout occurs.
$92,331: A higher timeframe resistance level.
Chart Pattern & Price Action:
Descending Channel (Early March)
Price was in a downtrend, forming a descending channel pattern.
The breakout from this channel led to a shift in momentum.
Range Consolidation (Current Pattern)
After the breakout, BTC entered a sideways accumulation phase (marked by the red box).
Price is bouncing between $82,000 - $84,500, showing low volatility and indecision.
Breakout Possibility (Bullish Bias)
A break above $84,500 could confirm a bullish move towards $85,996 and beyond.
The next major target is $89,363, which aligns with previous resistance.
Support Retest (Bearish Risk)
If BTC fails to break resistance, we might see a retest of $80,000 or even $78,000.
A break below $77,320 would invalidate the bullish scenario.
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.