BTC UPDATE
Observations:
Trendlines and Channels:
Price is trading within a descending wedge or falling channel, shown by the green lines. This pattern is generally considered bullish, with a potential breakout to the upside.
A previous rising channel (black lines) was broken to the downside, indicating the current bearish correction phase.
Key Levels:
The $85,000 level is marked as an invalidation level, meaning a close below this would further confirm bearish momentum.
$98,584 is marked as a key resistance level, which could act as the first upside target in case of a bullish breakout.
Below, the $68,341-$68,417 zone aligns with a potential demand/FVG (Fair Value Gap) area, serving as a major support level.
Indicators:
RSI (Relative Strength Index):
The RSI is in a neutral range but recently bounced from a lower level, signaling potential for a short-term rebound.
No significant divergence is visible at this point.
Support and Resistance:
Immediate support lies near the lower green trendline, around $92,000.(Crucial Area)
Resistance aligns with the upper green trendline and the $98,000-$100,000 zone.
Potential Scenarios:
Bullish Case:
A breakout above the upper green trendline could signal a move toward $98,584, followed by psychological resistance at $100,000.
If the $100,000 level is reclaimed, the next major target could be $112,000 or the upper black trendline.
Bearish Case:
A breakdown below $85,000 invalidates the bullish structure, potentially targeting the $68,417-$68,341 zone as the next significant support.
Further downside could see BTC retesting $54,000, though this is less likely unless a broader bearish sentiment takes over.
Targets:
Upside:
$98,584 (short-term resistance)
$100,000 (psychological barrier)
$112,000 (higher resistance from previous swing highs)
Downside:
$85,000 (invalidation level)
$68,341-$68,417 (major demand zone)
$54,000 (long-term support)
Recommendation:
Monitor price action near the green trendlines for a breakout or breakdown confirmation.
Look for volume and candlestick patterns to confirm the next directional move.
Use RSI and additional indicators (e.g., moving averages) to validate entry/exit points.
Trendlines and Channels:
Price is trading within a descending wedge or falling channel, shown by the green lines. This pattern is generally considered bullish, with a potential breakout to the upside.
A previous rising channel (black lines) was broken to the downside, indicating the current bearish correction phase.
Key Levels:
The $85,000 level is marked as an invalidation level, meaning a close below this would further confirm bearish momentum.
$98,584 is marked as a key resistance level, which could act as the first upside target in case of a bullish breakout.
Below, the $68,341-$68,417 zone aligns with a potential demand/FVG (Fair Value Gap) area, serving as a major support level.
Indicators:
RSI (Relative Strength Index):
The RSI is in a neutral range but recently bounced from a lower level, signaling potential for a short-term rebound.
No significant divergence is visible at this point.
Support and Resistance:
Immediate support lies near the lower green trendline, around $92,000.(Crucial Area)
Resistance aligns with the upper green trendline and the $98,000-$100,000 zone.
Potential Scenarios:
Bullish Case:
A breakout above the upper green trendline could signal a move toward $98,584, followed by psychological resistance at $100,000.
If the $100,000 level is reclaimed, the next major target could be $112,000 or the upper black trendline.
Bearish Case:
A breakdown below $85,000 invalidates the bullish structure, potentially targeting the $68,417-$68,341 zone as the next significant support.
Further downside could see BTC retesting $54,000, though this is less likely unless a broader bearish sentiment takes over.
Targets:
Upside:
$98,584 (short-term resistance)
$100,000 (psychological barrier)
$112,000 (higher resistance from previous swing highs)
Downside:
$85,000 (invalidation level)
$68,341-$68,417 (major demand zone)
$54,000 (long-term support)
Recommendation:
Monitor price action near the green trendlines for a breakout or breakdown confirmation.
Look for volume and candlestick patterns to confirm the next directional move.
Use RSI and additional indicators (e.g., moving averages) to validate entry/exit points.
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