Bitcoin is showing signs of exhaustion below a key supply zone. Here's my analysis on the possible bearish setup and what levels traders should keep an eye on next.
Chart Overview (4H TF – BITSTAMP):
Current Price: $103,546
Resistance Zone: $104,521 – heavy supply area. Price rejected this zone multiple times, forming a double top pattern.
Support Levels:
Immediate: $99,036 – minor support, price may retest before deciding direction.
Mid: $93,558 – key support, previous breakout level.
Strong Demand Zone: $92,500 and below (highlighted orange zone) – previous accumulation zone.
Bearish Signals:
Price is failing to break above the $104.5k resistance.
Selling pressure is increasing, shown by smaller candles and rejection wicks.
Arrows indicate potential price targets if breakdown continues.
Scenarios to Watch:
1. Bearish Case (More Likely):
If BTC breaks below $99,036, expect a quick drop toward $93.5k and possibly the $92.5k demand zone.
This could trigger a short-term bearish wave before buyers step in again.
2. Bullish Case:
If price manages to break and close above $104,521 with volume, it could invalidate the bearish bias and open room for a move toward new highs.
My Take: I’m watching for a clean break below $99k to go short toward $93.5k and $92.5k. Tight risk management is key, especially with high-impact US news on the horizon (see event icon on chart).
What do you think? Will BTC hold $99k or break lower?
Comment your thoughts below and follow for more price action updates!
Chart Overview (4H TF – BITSTAMP):
Current Price: $103,546
Resistance Zone: $104,521 – heavy supply area. Price rejected this zone multiple times, forming a double top pattern.
Support Levels:
Immediate: $99,036 – minor support, price may retest before deciding direction.
Mid: $93,558 – key support, previous breakout level.
Strong Demand Zone: $92,500 and below (highlighted orange zone) – previous accumulation zone.
Bearish Signals:
Price is failing to break above the $104.5k resistance.
Selling pressure is increasing, shown by smaller candles and rejection wicks.
Arrows indicate potential price targets if breakdown continues.
Scenarios to Watch:
1. Bearish Case (More Likely):
If BTC breaks below $99,036, expect a quick drop toward $93.5k and possibly the $92.5k demand zone.
This could trigger a short-term bearish wave before buyers step in again.
2. Bullish Case:
If price manages to break and close above $104,521 with volume, it could invalidate the bearish bias and open room for a move toward new highs.
My Take: I’m watching for a clean break below $99k to go short toward $93.5k and $92.5k. Tight risk management is key, especially with high-impact US news on the horizon (see event icon on chart).
What do you think? Will BTC hold $99k or break lower?
Comment your thoughts below and follow for more price action updates!
✅JOIN FREE SIGNALS t.me/frankfxforextrade
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
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.
✅JOIN FREE SIGNALS t.me/frankfxforextrade
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
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.