Technical Analysis of BTC/USD (1H Chart)1. Support & Resistance Levels
Resistance Zone (~87,000 - 88,000): BTC recently rejected from this zone, showing selling pressure.
Current Price (~83,522): Trading near a key level, with recent bearish momentum.
Support Levels:
82,450: A short-term support zone where price may react.
78,764: A major support level if the price continues downward.
2. Market Structure & Trend
BTC saw a strong bullish rally up to 87,000 before a sharp decline.
A lower high formation indicates possible trend reversal.
Price currently consolidating between 84,713 and 82,450.
A break below 82,450 could trigger a bearish move toward 78,764.
3. Candlestick Pattern & Price Action
Large bearish candle from 87,000 suggests strong selling pressure.
Price formed a bearish rejection wick, confirming resistance.
Expect a pullback toward 84,500 before further downside.
4. Potential Scenarios
Bearish Scenario: Rejection from 84,500 → Break below 82,450 → Drop towards 78,764.
Bullish Scenario: If BTC reclaims 84,500, it could retest 87,000.
