BTCUSD Weekly Bearish Risk Looms Amid Low Volume
Key Observations
1. Resistance and Pivot Zone:
- The price recently tested the $99,800 level, marking a new All-Time High (ATH) in November 2024.
- The pivot zone near $92,800–$93,000 appears critical. A daily close below $92,800 could trigger a strong bearish move.
2. Bearish Scenario:
- If the price closes below $92,800, a significant drop toward $79,000 and potentially $71,000 is anticipated.
- The bearish sentiment is supported by low trading volume, indicating weak buyer participation at current levels. Historical volume trends show stronger bearish reactions in similar conditions.
3. Bullish Scenario:
- To maintain bullish momentum, the price must stabilize above $98,800, confirmed by a daily close above this level.
- If the bullish trend resumes, potential targets could range between $104,000–$110,000 (above the primary ascending channel).
4. Volume Analysis:
- A consistent decline in volume compared to 2021 and 2018 suggests exhaustion in the upward trend.
- Low volume after a significant rally often signals a possible trend reversal or consolidation.
5. Channel Dynamics:
- The primary ascending channel remains intact. The current price action is near the upper resistance line of this channel, increasing the likelihood of rejection.
- Historically, price rejection at the upper channel line has resulted in sharp pullbacks (e.g., 2021 ATH).
6. Demand Zone:
- A demand zone is highlighted between $49,000–$64,000, which could act as a major support area in case of a strong bearish move.
7. General Direction:
- The broader trend remains bullish in the long term, but the short to medium-term signals indicate a potential correction or consolidation.
---
Summary and Next Steps:
- Bearish Targets:
- $79,000: First key support level.
- $71,000: Strong support and possible rebound zone if $79,000 breaks.
- Bullish Confirmation:
- Stability above $98,800 is required to regain bullish momentum, targeting $104,000–$110,000.
- Key Trigger Points:
- Watch for a daily candle close below $92,800 for bearish confirmation.
- Monitor volume dynamics; increasing sell volume would further validate the bearish outlook.
my free signals channel telegram
t.me/Srosh_signals
~6 analyses per day. With a clear entry point
more than 1000 pip per week —— Accuracy +88%
SM World and Economy News 24/7
Urgent News ⚡️:
t.me/SM_News_24h
t.me/Srosh_signals
~6 analyses per day. With a clear entry point
more than 1000 pip per week —— Accuracy +88%
SM World and Economy News 24/7
Urgent News ⚡️:
t.me/SM_News_24h
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.