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BTC (1-hr) weaking accumulation

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Bitcoin (BTC) is currently navigating a crucial moment on the 1-hour chart against the USD, as traders analyze the dynamics of a declining wedge (flag) and critical Fibonacci retracement levels. The triangle’s boundaries, marked by descending resistance and ascending support lines, show a tightening price range reflecting market indecision. With the price currently hovering near the 0.764 Fibonacci ($104,059.49), the market seems poised for a potential breakout or pullback, depending on volume momentum and trader sentiment.

A closer look at the Bernoulli Indicator and the OBV-ADX volume profile reveals a worrisome trend: volume decays as BTC consolidates. This signals a possible weakening of momentum, increasing the likelihood of price pullbacks. Observing the indicator’s contributions, a mix of green and red signals suggests periods of buying pressure but insufficient follow-through to push the price decisively higher. If BTC fails to break the upper resistance, traders should be prepared for a pullback to the key support level near $99,000. This zone aligns with the 0.5 Fibonacci retracement and could act as a battleground for bulls and bears.

Should a more substantial sell-off occur, a flush toward the 0.382 retracement level near $97,000, or even a deeper move to $90,000, is within the realm of possibility. This would likely flush out weaker hands, paving the way for a renewed accumulation phase. However, if BTC breaks above the resistance with an accompanying surge in volume, it could spark a rally to test higher levels, such as $108,000. For now, traders should stay vigilant, watching for any volume surge or divergence on the Bernoulli and OBV-ADX indicators to confirm directional moves.
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No more buyers through the weekend, AP selling off
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