After a strong upward trend within a rising channel, BTC/USDT appears to be losing bullish momentum, potentially setting up for a corrective move.
Technical Breakdown:
Rising Channel Break: Price traded within a well-defined ascending channel, but recently broke below the channel support — a sign of weakening bullish control.
Resistance Zone: BTC encountered heavy resistance near the $111,000–$111,359 zone, where price action has been consolidating and struggling to make new highs.
Bearish Shift: A breakdown from the consolidation area has occurred, showing early signs of a potential downtrend. Short-term lower highs and lower lows are developing.
Downside Target: Based on the structure, the first major target sits around the $106,649 level, which aligns with a previous support zone and psychological level of $107,000.
Bearish Bias: As long as price remains below the $111,000 resistance zone, bearish continuation remains favored.
Summary:
Resistance Zone: $111,000–$111,359
Target: $107,000 – $106,649
Outlook: Bearish in the short-term unless price reclaims and holds above the resistance zone
This analysis is for educational purposes only. Always conduct your own analysis and manage risk appropriately when trading.
If you agree with this setup or have insights to share, drop a comment or like the idea to support!
Technical Breakdown:
Rising Channel Break: Price traded within a well-defined ascending channel, but recently broke below the channel support — a sign of weakening bullish control.
Resistance Zone: BTC encountered heavy resistance near the $111,000–$111,359 zone, where price action has been consolidating and struggling to make new highs.
Bearish Shift: A breakdown from the consolidation area has occurred, showing early signs of a potential downtrend. Short-term lower highs and lower lows are developing.
Downside Target: Based on the structure, the first major target sits around the $106,649 level, which aligns with a previous support zone and psychological level of $107,000.
Bearish Bias: As long as price remains below the $111,000 resistance zone, bearish continuation remains favored.
Summary:
Resistance Zone: $111,000–$111,359
Target: $107,000 – $106,649
Outlook: Bearish in the short-term unless price reclaims and holds above the resistance zone
This analysis is for educational purposes only. Always conduct your own analysis and manage risk appropriately when trading.
If you agree with this setup or have insights to share, drop a comment or like the idea to support!
Trade closed: target reached
Successful target Enjoy guys. 
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Related publications
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.