BTC/USD Daily Chart Analysis! Detailed AnalysisCurrent Market Overview:
Bitcoin (BTC/USD) is currently trading around $85,963, showing a decline of -0.92% on the daily timeframe. The price action indicates the formation of a potential double top pattern, suggesting a possible trend reversal.
Key Technical Observations:
1. Double Top Formation (Bearish Reversal Pattern)
Top 1 & Top 2 indicate a classic double top pattern, signaling potential weakness in bullish momentum.
The price failed to break above resistance, confirming selling pressure at higher levels.
A confirmed breakdown from this pattern could lead to a significant decline towards key support levels.
2. Breakdown of Ascending Trendline
The chart shows an ascending trendline, which has now been broken.
This break signals a shift in market structure, favoring a potential bearish trend.
After breaking the trendline, BTC/USD may attempt a retest before continuing lower.
3. Support Levels & Take Profit (TP) Targets
TP1: $68,296 – This level acts as the first major support and potential take-profit zone for short sellers.
TP2: $49,433 – A stronger support zone aligning with a previous accumulation area. If BTC breaks below TP1, TP2 becomes the next key level to watch.
Potential Price Scenarios:
🔴 Bearish Scenario (Primary Outlook)
BTC/USD retests the broken trendline or recent highs before continuing downward.
Price drops towards TP1 ($68,296), where a temporary bounce may occur.
If the selling momentum continues, BTC could fall further towards TP2 ($49,433), a major historical support level.
🔵 Bullish Scenario (Less Likely Alternative)
If BTC holds above $85,000 and breaks above the double top resistance, the bullish trend may continue.
A strong push above $90,000 could invalidate the bearish outlook, leading to new all-time highs.
Trading Plan & Strategy:
✅ For Short Entries:
Look for a retest of the broken trendline or rejection at $90,000 resistance before entering.
Target TP1 ($68,296) as the first take-profit level.
If price continues dropping, hold for TP2 ($49,433).
❌ For Long Entries (Risky):
Only consider longs if BTC reclaims the $90,000+ level with strong volume.
Set stop-losses below $85,000 to manage risk.
Final Thoughts:
Bitcoin shows bearish signs with a double-top formation and a trendline breakdown. While a short-term bounce may occur, the overall outlook suggests a move towards $68,000 and potentially $49,000. Traders should wait for confirmation before entering trades. 📉🚨
