Forecast:
1. Short-term Bearish Trend: The price may struggle to break above the resistance level and could begin a downward correction.
2. Key Support Zone: If the bearish move plays out, BTC may drop toward the $77,500 support area, as indicated by the red horizontal support level.
3. Consolidation or Further Drop: If BTC finds strong support at $77,500, it could consolidate or rebound. However, a breakdown below this level could open the door for deeper declines.
Conclusion:
The current setup favors a bearish correction unless BTC can break and hold above the resistance. Traders should monitor price action closely at key levels to confirm the next move.
1. Short-term Bearish Trend: The price may struggle to break above the resistance level and could begin a downward correction.
2. Key Support Zone: If the bearish move plays out, BTC may drop toward the $77,500 support area, as indicated by the red horizontal support level.
3. Consolidation or Further Drop: If BTC finds strong support at $77,500, it could consolidate or rebound. However, a breakdown below this level could open the door for deeper declines.
Conclusion:
The current setup favors a bearish correction unless BTC can break and hold above the resistance. Traders should monitor price action closely at key levels to confirm the next move.
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.