BTCUSDT Pattern FormationThis crypto coin has been forming a falling flag and it has tested the upper trendline thus completing the pattern, a strong indicator of a bullish momentum! We will wait for the price to break out of the pattern so that we can have an entry point.by Vapari_IncPublished 2
Bitcoin $118K in Dec. '24, $150K Feb. '25, Correction & Other...Imagine Bitcoin at $100,000 or $120,000. Say, Bitcoin starts growing now and by November 15 reaches a prices tag of $118,000, what now? In just two months Bitcoin moved from $42,000 to $74,000. After reaching $74,000 Bitcoin has been sideways with a downward bent now for 7 months, since 14-March. Exactly 7 months. Bitcoin hit a low in June 2022. It went below $20,000. In order for Bitcoin to recover back above $20,000 it took 7 months. From $20,000 Bitcoin moved higher and entered a range between $24,000 and $32,000. It took 7 months to break this consolidation pattern and advance from a low of $25,000 toward a high of $74,000. The entire rise from $25,000 to $74,000 took a total of six months. Say Bitcoin moves to $118,000 by January 2025, what then? Do we see or expect a move toward $150,000 or $180,000 or a correction? Say Bitcoin moves to $118,000 by January 2025, would it then go straight up or a correction? If we go by past history, it can go sideways for another 7 months, from January 2025 to August 2025 sideways? Sounds pretty strange. If you use a map of past action to predict future action, then this doesn't make sense. Thinking of hitting 118K and then going straight up makes even less sense because we see how the move to 74K resulted in a retrace and the advance toward 25K resulted in consolidation, so there is always a stop. If it starts growing now straight up for 4 months and hits $150,000, say in February 2025, what then? 12 months bearish? From February 2025 through February 2026 moving down? That doesn't make sense. Let's say Bitcoin continues sideways with the same pattern for three months and then grows in 2025. This is possible but we have to assume that whales, who play/trade for money like the rest of the world, will forgo all profits. They simply decide that they will not profit for their years of hard work. Current scenario: Let's say Bitcoin produces a continuation of the current pattern and produces a low of $35,720 to end its corrective phase. This is between October and November 2024, what then? After this major low, Bitcoin can recover in late November and December 2024. Bitcoin can continue to grow slowly in January and February 2025 just as it did back in 2021. Bitcoin would then gain speed and produce the first high between April-May-June 2025.... Makes sense? In order to have a strong 2025, a correction in 2024 comes first. Look at the Altcoins. They are strong for 2025 because they already produced a strong correction in 2024. The Altcoins moved first and this is normal and expected because their total capitalization is smaller than Bitcoin, so if the market turns bearish they go down before Bitcoin does. Since Bitcoin is the big brother, the big one, the father, the boss, if the market is set to turn bullish Bitcoin moves ahead. The market has been bearish since early 2024, what happens if just two whales decide to take profits? Leave a comment with your answer. Namaste.Shortby AlanSantanaPublished 303087
BTCUSDT H4After the intersection of the moving average levels 200 and 50 in the general upward direction and breaking the resistance levels at 6500 and 66000, stability above them strongly supports the upward trend. Accordingly, we are looking to buy after the first decline in the buying area from levels 64900 and 63800 with a stop loss of an hourly candle below levels 63600 with large targets extending to levels 70000 and 76580.Longby OMEREYLUL34Published 3
Bitcoin BTC short idea Technically we are retesting 69k resistance from below 2 fake outs, 2 retest from below, 2 + 2 = 4 In finance it means implied volatility (IV) is essentially a measure of how much the market believes the price of a stock or other underlying asset will move in the future. They want you to believe CRYPTOCAP:BTC CRYPTOCAP:ETH CRYPTOCAP:SOL CRYPTOCAP:ADA I am no 🐻🧸Shortby TheRealHawkPublished 228
BTCUSDT - SHORT [Daily Signal] [UPDATE]The growth of the SPX is not organic, a correction of 30-40 percent from current values is inevitable and the question is only before or after the elections. Bitcoin, being a purely speculative asset will not be able to hold in the approaching storm. This short is not like the previous ones, we have to wait, but we are in no hurry. Stay tuned.Shortby markcryptexPublished 114
$BTC at $68k Trying To Break 233 Day TrendlineReaching out. Touching Me. Touching You. (Finish it) CRYPTOCAP:BTCLongby jonniekingPublished 112
BTCUSDTVery important week. If BTC weekly candle closes above 65.1k then we can expect 80k in upcoming weeksLongby oms213Published 2
Bitcoin Cycles Point to the Next Trough:1. Market Structure: 1.1 HTF Analysis: Bitcoin has been trading in a downward-sloping channel Since March of 2024. Bitcoin failed to break out above the channel resistance four times. “The trend is your friend until it ends.” There is no evidence to suggest that the current trend will be different. Bias: Short. Figure 1: BTC HTF M.S. 1.2 LTF Analysis: The Daily chart is bullish. Bitcoin held the 60K HL and made a double bottom. As long as the 60K support holds, the bias is bullish. Bias: Long. Figure 2: BTC LTF M.S. 1.3 M.S. Summary: The LTF is bullish, and there is no sign of weakness yet. Initiating a short position is premature, but profit-taking at the top is a no-brainer. Invalidation: Breakout above 69K and successful retest. 2. Support and Resistance: 2.1 Resistance: Dynamic Resistance: Channel resistance at 68.2K Horizontal Resistance: Between 69K and 70K. 2.2 Support: Horizontal Support: 60K Horizontal Support: Between 57.5K and 59K. Dynamic Support: 58K. 2.3 Support and Resistance Summary: Bitcoin is at resistance. At this point, there is no clear sign of rejection. As we get closer to the cycle’s completion (from October 18th), I expect BTC to generate signs of weakness. Figure 3: Bitcoin Support and Resistance Levels 3. Bitcoin Short Cycles: 3.1 60D Cycle: The 60D cycle began on September 6th. This cycle is 60% complete. The Next cycle trough will likely be on November 8th. Bias: Short, but not yet. Figure 4: Bitcoin 60D Cycle 3.2 100D Cycle: The 100D cycle Began on August 5th. This cycle is 70% complete. The next cycle trough will likely be on November 13th. Bias: Short. But not yet. Figure 5: Bitcoin 100D Cycle: 3.3 Cycle Summary: The odds favor a decline since the 60D and 100D cycles are in their final phase. If not immediately (Friday, October 18th), then as soon as next week (August 20th). 4. Volume: A high-volume node with little or no price movement can signal a coming top in an uptrend. The high-volume node on October 15th did not lead to a breakout, which signals weakening demand. There is no bearish divergence. Bias: Neutral Figure 6: Bitcoin Price Volume: 5. Momentum: 5.1 Daily RSI: Healthy. RSI is above 50, not oversold, and shows no bearish divergence. Figure 7: Bitcoin Daily RSI 5.2 4H RSI: The 4H TF RSI is oversold and shows a weak bearish divergence. Figure 8: Bitcoin 4H RSI Bias: Neutral 6. OI: A weak bearish divergence between price and OI/ Bias: Neutral. Figure 9: Bitcoin OI Summary: Although Bitcoin is in the process of topping out, there isn’t enough evidence to support placing a short trade. However, it is advisable, in my opinion, to TP. by NewThoughtCryptoPublished 5
Bitcoin - ATH is COMING! 2 entry ideasBitcoin - ATH is COMING! 2 entry ideas 1st - price create local value around 66k -67k 2nd - bigger SL hunt happens and good entry appears at 64k area 04:40by Yuriy_BishkoPublished 3339
Bitcoin Surges 2% to $68K as Tesla Transfers $760M Bitcoin StashBitcoin’s price experienced a notable 2% surge, reaching $68,000 after news broke of Tesla moving its entire Bitcoin ( CRYPTOCAP:BTC ) holdings worth $760 million. The event marked Tesla's first Bitcoin transaction in over two years, sparking speculation within the crypto space. Is this merely a security measure, or could it have larger market implications? Tesla Moves $760 Million from Public Wallet: What We Know Tesla transferred its entire Bitcoin ( CRYPTOCAP:BTC ) stash from its public wallet in multiple transactions, a move confirmed by Arkham Intelligence. This series of transactions included $75.18 million, $76.08 million, and $77.16 million sent to unknown wallets. The remaining funds were also dispersed to various wallets, suggesting a deliberate spread across cold storage. While the move raised concerns about a potential market sell-off, it's worth noting that Tesla could have transferred the funds for security purposes. Concentrating a large amount of ( CRYPTOCAP:BTC ) in one wallet is a security risk, and Tesla may be mitigating this by using cold wallets to protect its holdings. However, without confirmation from Elon Musk, questions linger about the intention behind the transfers. Impact on Bitcoin and Market Sentiment Despite the speculation, Bitcoin ( CRYPTOCAP:BTC ) surged 2%, reaching $68K, reinforcing its upward momentum as it heads towards its all-time high (ATH) of $73,000. Tesla’s large ( CRYPTOCAP:BTC ) movements could cause selling pressure if the company were to liquidate its holdings, yet there is no concrete evidence suggesting such an action. With the US election looming and Bitcoin’s typical “Uptober” rally underway, some analysts predict a potential new ATH before the election. Matt Hougan, Bitwise's Chief Investment Officer, and analysts from Standard Chartered Bank, both expect Bitcoin ( CRYPTOCAP:BTC ) to break above $73,000 soon. Technical Analysis of Bitcoin’s Recent Surge As of writing, Bitcoin is trading at $67,810, showing a 1.15% increase over the last 24 hours. The relative strength index (RSI) stands at 68, approaching the overbought zone. Historically, Bitcoin ( CRYPTOCAP:BTC ) tends to perform well in October, a trend that appears to continue with this current rally. The daily chart highlights a short-term symmetrical triangle, suggesting that a break above the $69,000 resistance could trigger a more aggressive upward move. Should Bitcoin ( CRYPTOCAP:BTC ) surpass this level, the next target is $80,000, which aligns with its previous all-time high. However, caution is advised as key economic reports are expected tomorrow, which could introduce short-term volatility. Additionally, while Bitcoin ( CRYPTOCAP:BTC ) enjoys its rally, most altcoins have remained underwhelming, either trading sideways or experiencing declines. Bitcoin's dominance in the market continues to grow, and altcoins may struggle to regain momentum unless BTC breaks its current pattern decisively. What’s Next for Bitcoin? While Tesla’s Bitcoin movements created a stir, the market remains bullish on Bitcoin’s long-term trajectory. With Musk silent on the exact reason for the transfers, speculation about a sell-off will likely persist. However, as the US election approaches and economic events unfold, traders should keep an eye on Bitcoin's behavior around key levels, especially $69,000 and $73,000. For now, Bitcoin ( CRYPTOCAP:BTC ) appears poised to maintain its upward momentum, with the potential to reach new highs before year-end, especially if macroeconomic and institutional factors remain favorable. Conclusion Tesla’s $760 million Bitcoin ( CRYPTOCAP:BTC ) transfer, though significant, does not seem to have derailed Bitcoin's upward trajectory. With Bitcoin ( CRYPTOCAP:BTC ) continuing to climb toward $68,000 and beyond, traders are advised to watch for key technical levels as the market enters a period of heightened volatility leading up to the US election. Whether Tesla's moves are simply for security or signal something more, the broader Bitcoin ( CRYPTOCAP:BTC ) market remains bullish, driven by both technical patterns and underlying fundamentals.Longby DEXWireNewsPublished 8
Forget everything after studying the chart Hello, traders. If you "Follow", you can always get new information quickly. Please click "Boost" as well. Have a nice day today. ------------------------------------- (BTCUSDT 1D chart) The key is whether it can rise along the trend line (2). When a new candle is created, it is necessary to check whether the StochRSI indicator enters the overbought zone. The zone marked with a circle corresponds to the important support and resistance zone. - (BTCUSDT.P 1D chart) When the Mid (50) line is created, whether there is support near it is the key. The Mid (50) line is a position conversion line, so the trend is likely to be formed depending on whether the price is maintained above or below the Mid (50) line. ------------------------------------------- When I learned about patterns while studying charts, I was amazed and thought I could stop studying charts. However, as I traded, I realized that patterns are just the past appearances of charts. You should forget all the studies you have done on charts after you finish studying them. Otherwise, if you try to apply what you have studied to the current chart, you will likely end up analyzing charts or trading incorrectly. So why should you study charts? I think it is the same as studying in school as we grow up. It is not necessary when you are living in real life, but it is the same reason you should study them. Therefore, if you have studied and understood the arrangement or patterns of candles, forget them all. If you are stuck in the framework of knowledge gained from studying charts, you may try to fit the pattern rather than respond to real-time movements. Then, it may become a trade that you regret. - How well you indicate support and resistance points, - How much you trust those points, - How much you can create a response strategy for those points are the things that remain after studying charts. - Have a good time. Thank you. -------------------------------------------------- - Big picture It is expected that a full-scale uptrend will start after rising above 29K. The section expected to touch in the next bull market is 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (overshooting) 4th: 134018.28 151166.97-157451.83 (overshooting) 5th: 178910.15 These are points where resistance is likely to occur in the future. We need to check if these points can be broken upward. We need to check the movement when this section is touched because I think a new trend can be created in the overshooting section. #BTCUSD 1M If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33. 1st: 43833.05 2nd: 32992.55 ----------------- by readCryptoPublished 9
BTC DAILY BREAKING OUT??After 7.5 months of what what amounts to a HTF bullflag pattern, seemingly endless chop, bitcoin looks like it's finally breaking out above and continuing the Bullrun. This post doesn't need to be overly complicated, there are a few key factors on what is happening: - Bullish continuation, a bull flag pattern is just that, after a strong rally the corrective structure looks exactly like how the chart looks before continuing the next stage of the rally. Bitcoin has hit the red zone 9 times before the current breakout move, now that the daily structure has shown repetitive higher highs and higher lows for the first time it's signalled that Bitcoin is ready to continue the move higher. - US elections, every election year since 1928 traditional markets experience a rally, this year is no exception with the $S&P500, SKILLING:US100 & TVC:DJI all at ALL TIME HIGHS. As much as we crypto traders want crypto to be separate from Tradfi, reality is these markets matter and effect Bitcoin directly. '21 ATH has been major resistance all year for bitcoin, I could see that being the target for this breakout (should it be a successful breakout) before a retest of trend channel at $66,500 on the daily. All in all this is an exciting time in crypto, lots of volatility ahead come US election and beyond. Good luck everyone! by ProR35Published 3
#BTC/USDT Quick Update!#BTC is stuck in the range, with multiple rejections and bounces. We need a catalyst at this point. The direction will be clear whether it breaks $66k or $60k. We wait. Weekly closes in 7 Hours. IMHO, We will hit $66k this week. Let me know what you think in the comment section and do not forget to hit that like button. Thank you #PEACE Longby CryptorphicPublished 6659
#BITCOIN ⟶ DOUBLE TOP CONFIRMED! ⟶ WHAT’S NEXT?#Bitcoin Analysis Summary Time-frame: 1 hour According to the previous analysis, following the growth in #Bitcoin, we encountered a significant resistance area (the bearish trend-line on the 1-hour time-frame and the static resistance at 62,755) 📊. In the last analysis, I outlined two scenarios for the next move in #Bitcoin: Scenario 1: Growth from this area by breaking through the mentioned resistances 📈. Scenario 2: Another dip before forming a bottom and starting the bullish trend 🔻. As a result, price behavior in this resistance zone should be the basis for decision-making regarding these two scenarios to catch the next move 🎯. What we see in the chart is the formation of a double top pattern at this resistance area. Given that the neck-line of this double top has been broken downward, this confirms the dip (based on Scenario 2) 🔽. Targets for the dip, from short-term to long-term, are as follows: Target 1: 60,791.86 Target 2: 59,892.41 Target 3: 57,868.51-58,410.33 Note: The third target is a significant support zone, and if reached, we can expect the beginning of a bullish trend based on Scenario 2 🚀. Since the last dip, which led to the break of the double top neck-line, has been more gradual than the previous growth, the exact stop-loss condition for the bearish scenario and the phase shift from bearish to bullish will be provided in the lower time frames 📉➡️📈. ............................. #Bitcoin Analysis Summary Time-frame: 15 minutes Following the confirmation of the dip in the 1-hour time-frame, the bearish trendlines can act as barriers to growth and re-enter the bearish phase 📉. Stop-loss for the bearish scenario: Breaking the slower slope bearish trendline in the 15-minute time-frame will invalidate the bearish scenario and shift the trend from bearish to bullish 🚀. Shortby Eldorado_LandPublished 16
Bitcoin Needs Correction!!!As I had expected in the ✅ previous post ✅, Bitcoin started to pump after a Bear Trap . Bitcoin is currently moving in the Resistance zone($63,470-$62,340) and near the upper line of the Descending Channel , and 200_SMA(Daily) . I expect Bitcoin to drop to at least the Support zone($61,840-$61,450) . ⚠️Note: The probability of forming a Bull Trap and breaking fake the descending channel.⚠️ ⚠️If Bitcoin can break the Descending Channel and 200_SMA(Daily), we can expect Bitcoin to rise again to at least $66,000.⚠️ Bitcoin Analyze (BTCUSDT), 1-hour time frame⏰. 🔔Be sure to follow the updated ideas.🔔 Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.Shortby pejman_zwinUpdated 3636168
Bitcoin Has Another Bull Run !Bitcoin has shown signs and patterns in the daily time frame that can be analyzed with the current data. It looks like a diametric has finished (A) and then the price has entered a bullish phase. In the bullish phase, we have an ABC/WXY whose A/W has the signs of a diamond diametric. We expect waves X and Y because the time of wave A is much larger than the current pattern (A/W). The green range could be the start of a bull run in Bitcoin. Closing a daily candle below the invalidation level will violate the analysis. Note : This is only a possible scenario, please do not forget to manage risk For risk management, please don't forget stop loss and capital management Comment if you have any questions Thank Youby behdarkUpdated 5549
Is $btc Bitcoin's Channel about to do the Most or the Least? Bitcoin is in a Very huge falling channel! Current Price: 65600 CRYPTOCAP:BTC Price action has rejected upper trend line Resistance 6 times - steadily creating lower highs. Currently, Price action is at this Major resistance. Will it reject again? It remains to be seen! A break above this major resistance will lead to ALL time highs and a continuation of the bull run. CRYPTOCAP:BTC Up Resistances: 70.4k, 74.8k, 80.2k Note: #BTC remains bullish if price action stays above the 200EMA (red Moving Average) Another rejection of this upper channel resistance will lead to down supports up to 50.5k. What will it be? by Ifiok-2sydesPublished 1
14/10/24 Weekly outlookLast weeks high: $64,486.09 Last weeks low: $58,947.36 Midpoint: $61,716.73 Following a busy week of Data events with CPI & PPI price can be volatile and unpredictable, that was evident as BTC can be seen selling off going into those data events and despite a worse than forecast CPI, the markets responded quite well leading to a climb from Thursday onwards up to the 0.75 line. A weekend of chop gave a positive enough close to warrant a large buy candle in the opening hours of this week, could this be setting the pace for the rest of the week? For me, I'm always a little wary of a "swing fail pattern" (SFP) as these patterns can be very bearish, a reversal at the beginning of the week can lead to a sell off that undoes the previous weeks work as price falls. Confirmation of this pattern would be a wick above weekly high followed by smaller lower highs and lower lows on a LTF (15m). Should BTC manage to stay above the weekly high and maintain structure the target is $66,500. This is an important target as Bitcoin has been trying to breakout of this downtrend for 6 months, anything beyond $66,500 is breaking out of the trend after 10 attempts! This week we have the ECB interest rate decision, a second rate cut looks likely, the first rate cut set the pace for the US 50bps cut. Now the US look likely to cut by another 50bps in November to keep up. Altcoins are starting to look better than they have in the last two quarters. The timeline is cautiously optimistic, especially if BTC manages to breakout of the trend pattern. cautious optimism on the timeline by ProR35Updated 2
#BITCOIN DAILY UPDATE.#BTC daily candle closed at $66452 which is bullish in the short term. It is likely to hit the $68K level. Once that target is reached, the price could push for a new all-time high. However, there’s also a chance of a quick retest at the $61K level—potentially forming a long wick followed by a sharp bounce. Keep this scenario in mind and remember, Bitcoin is still trading below resistance. Trade carefully. Cheers! Do hit that like button if you like it and share your views in the comment section. Thank you #PEACELongby CryptorphicPublished 18
BTC - Testing Key LevelAfter our predicted breakout from our last post on the weekly we can now examine the 1D timeframe to determine the immediate impact of this move on the trend. We are fighting our critical resistance trendline. Most likely this will break this time due to our higher timeframe confirmations. If we are able to close a daily candle above this red line + create a higher high above our last micro high at 66.5k this should give us the signal that the $70-72k range will be tested. Even if we get rejected at the higher range in the short term, this resistance level that price is battling with right now will act as new support for any "buy the dip opportunities". by VIAQUANTPublished 2
Bitcoin - Fakeout? MUST WATCH !!A recent surge in the price of BTC is sparking hope for that final impulse wave UP I've been talking about. However, there's a catch - one KEY thing will need to happen in order to convince me this is not just a fakeout, aimed at liquidating shorts. The previous BTC update was focused on two scenarios, with the GREEN showing a possibility of realizing: Reclaiming the moving averages in the daily is a good sign - but again, we've been falling under-and-over for the last few weeks, unable to stay above the 200d MA for longer than a few days: ___________________________ BINANCE:BTCUSDT 03:07by CryptoCheck-Published 131325
HA-High Box Range: 62856.30-65618.80 Hello, traders. If you "Follow", you can always get new information quickly. Please click "Boost" as well. Have a nice day today. ------------------------------------- Since this is a chart for trading, there is nothing to analyze. However, since the chart has been released, I think it is necessary to explain how to actually use it, so I will spend a few more times explaining this chart in the future. - (BTCUSDT.P 1D chart) In this chart, M-Signal indicators for 1M, 1W, and 1D charts have been added to check the trends necessary for chart analysis. The 5EMA line of the 1D chart has been added for scalping and day trading. - Basically, the point where you start trading is the BW (0), BW (100) line. - Mid (50) line is the position conversion line. - Low (20 UP), HIgh (80 Down) line are split trading points because they indicate the low and high points. Since the Mid (50) line is showing signs of rising and being created, the key is whether the Mid (50) line can be supported around this area and rise above the High (80 Down) line. - (1h chart) If the price is maintained above the BW (100) line, it is likely to lead to a stepwise uptrend. If it falls below the BW (0) line, it is likely to lead to a stepwise downtrend. Since 5EMA on the 1D chart > M-Signal on the 1D chart > M-Signal on the 1W chart, if it is supported near the BW (100) line, it is expected to lead to additional rise. However, if the StochRSI indicator enters the overbought zone, it is likely to decline over time. In that case, you should check whether there is support near the High (80 Down) line. Also, if the Mid (50) line is created near the price, you need to check whether you should switch the position. ------------------------------------------------ (BTCUSDT 1D Renko chart) You can see that the 63000 point is an important support and resistance point. - The point to watch is whether it can rise along the rising trend line (2) and receive support near 63515.05-64538.39. - The 62856.30-65618.80 section is the box section of the HA-High indicator on the 1D chart. Accordingly, if it receives support near 62856.30, it is highly likely that it will attempt to rise to the 64748.70-65618.80 section. If it falls below 62856.30, 1st: 61099.25 2nd: HA-Low on 1D chart (currently 56204.13) We need to check for support near the 1st and 2nd above. The next volatility period is around November 4th. - Have a good time. Thank you. -------------------------------------------------- - Big picture It is expected that a full-scale uptrend will begin after it rises above 29K. The section expected to be touched in the next bull market is 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (overshooting) 4th: 134018.28 151166.97-157451.83 (overshooting) 5th: 178910.15 These are points where resistance is likely to occur in the future. We need to check if these points can be broken upward. We need to check the movement when this section is touched because I think a new trend can be created in the overshooting section. #BTCUSD 1M If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33. 1st: 43833.05 2nd: 32992.55 ----------------- by readCryptoPublished 6
BTC/USDT - Rejection from Key Level with Bearish Continuationhello guys. actually, btc surprised me! Hunting Level Rejection: Bitcoin has reached the hunting level (around $65,100), showing signs of resistance and potential reversal. The price briefly spiked into this level but faced rejection, signaling exhaustion in buying pressure. Bearish Engulfing Potential: If the price fails to hold the current level and shows a bearish engulfing pattern, it will likely initiate a downward move. This move would invalidate further bullish attempts in the short term. First Target: The first significant support zone lies around $63,100, which could act as the initial target for any downward momentum. Final Target: A stronger bearish continuation could drive the price toward $59,300 (the lower hunting level), aligning with prior accumulation zones and a solid demand area.by melikatrader94Published 1115