Bitcoin is weakening, what to expect from it?
Technical analysis of BTC/USD
1. Global trend (Daily chart, left)
BTC/USD is trading in a range, but the overall trend looks downward after the previous strong rise.
The price is sandwiched between $98.345 (resistance) and $91.203 (support) levels.
The lack of strong upward impulses indicates the weakness of buyers.
2- Local trend (4H chart, right)
On the 4H chart, the price is forming a series of declining highs, which confirms the downtrend.
Resistance: $98,345 and stronger at $102,468.
Support: $91,203 (key liquidity zone).
3. Possible Scenario
The price may test $98.345, but if it doesn't, a downside bounce is likely.
The main scenario is a decline of BTC/USD to the $91,203-$90,000 area.
BTC must break and consolidate above $102,468 to change the trend.
1. Global trend (Daily chart, left)
BTC/USD is trading in a range, but the overall trend looks downward after the previous strong rise.
The price is sandwiched between $98.345 (resistance) and $91.203 (support) levels.
The lack of strong upward impulses indicates the weakness of buyers.
2- Local trend (4H chart, right)
On the 4H chart, the price is forming a series of declining highs, which confirms the downtrend.
Resistance: $98,345 and stronger at $102,468.
Support: $91,203 (key liquidity zone).
3. Possible Scenario
The price may test $98.345, but if it doesn't, a downside bounce is likely.
The main scenario is a decline of BTC/USD to the $91,203-$90,000 area.
BTC must break and consolidate above $102,468 to change the trend.
Trade active
The updated chart confirms the downside scenario we considered earlier.
Major changes:
Break of key support (around 96,000) on the 4H chart.
The break of the structure strengthens the probability of further decline.
Retest of the level, then continuation of the decline (marked with arrows).
The daily trend remains bearish.
The price continues to move lower, forming a sequence of descending highs.
The nearest downside target:
91,200 - 90,800 level, where the buy zone (blue range) is located.
Scenario Confirmed:
We saw consolidation in the 96,000 - 98,000 range, but now a downside breakout has occurred.
Conclusion:
If the price consolidates below 95,000, there is a high probability of a decline to 91,000. However, a retest of 96,000 is possible, after which the downward movement will continue.
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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.
❤️ Telegram channel: t.me/AndeWave
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.