This is a 4-hour chart of Bitcoin against USDT. The price recently moved down from a strong resistance area called the supply zone, shown in green at the top. A rising trendline was broken, which signals that the previous upward trend has ended.
After the trendline break, the price formed a downward channel, marked in yellow. It then tried to retest the broken trendline but got rejected again, showing weakness.
Now the price is moving lower and is expected to fall further. The red box shows a possible area where sellers might be active again, and the price could drop from there. The blue arrows point toward the support area, also called the demand zone, marked in blue at the bottom.
Volume bars at the bottom show higher activity during the drop, which supports the idea of a strong bearish move. The analysis expects the price to reach the demand zone if it continues to follow this pattern.
After the trendline break, the price formed a downward channel, marked in yellow. It then tried to retest the broken trendline but got rejected again, showing weakness.
Now the price is moving lower and is expected to fall further. The red box shows a possible area where sellers might be active again, and the price could drop from there. The blue arrows point toward the support area, also called the demand zone, marked in blue at the bottom.
Volume bars at the bottom show higher activity during the drop, which supports the idea of a strong bearish move. The analysis expects the price to reach the demand zone if it continues to follow this pattern.
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.