Bitcoin

Bitcoin

145
This is a technical analysis chart for BTC/USD (Bitcoin to US Dollar) with notable levels, patterns, and annotations. Here's the breakdown:

1. **Chart Type and Timeframe**:
- The chart uses **30-minute candles**, suggesting a short-term focus on Bitcoin's price movements.

2. **Resistance and Support Levels**:
- **Resistance levels**:
- $99,578 and $98,727: These levels mark upper bounds where the price previously reversed downward.
- **Support levels**:
- $94,820, $94,229, and $93,086: Indicated as zones where the price has reversed upwards in the past.
- Strong support around $91,521–$90,978 (highlighted in green and yellow): This is a critical support region.

3. **Current Price**:
- Bitcoin's current price is hovering around $97,549, as shown in the chart.

4. **Trend Line**:
- A diagonal black trend line suggests a bearish breakdown after an uptrend.

5. **Market Structure**:
- **Double Top Formation**: The blue circle near $98,534 indicates a potential double-top pattern. This is a bearish reversal sign.
- **Bearish Breakout**: The price has broken below the trend line and is consolidating below $98,132, suggesting weakness.

6. **Potential Scenario**:
- The handwritten annotation on the chart suggests that if the price breaks below the **$94,820 support zone**, Bitcoin may head toward **$90,000**

7. **Projection**:
- The projected black zigzag line predicts a downward move with pullbacks, aligning with the bearish sentiment.

### Summary of Analysis:
- Bitcoin is showing bearish tendencies, confirmed by:
1. A bearish trend line break.
2. Resistance rejections around $98,727.
3. Consolidation near key support levels.

- **Key Watch Areas**:
- If the price breaches $94,820, a move toward $90,000 is likely.
- Conversely, if Bitcoin holds above $94,820, it could attempt to retest $98,727 or higher.

This chart emphasizes caution, particularly for bullish positions, and suggests looking for a clear breakout or breakdown before entering trades.

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.