Technical analysis of BTC/USD (Bitcoin vs. US Dollar) on the 4-hour timeframe. Here’s a breakdown of the analysis idea:
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Analysis Idea: BTC/USD Bearish Rejection from Resistance
1. Descending Triangle Pattern:
The chart shows a descending triangle pattern, with a flat support level (~$100,400) and lower highs forming resistance.
This structure typically suggests bearish continuation.
2. Resistance Rejections:
Multiple red arrows indicate repeated rejections at the descending resistance trendline.
These rejections show weakening bullish strength and confirm resistance.
3. FVG (Fair Value Gap) Area:
A small FVG zone (liquidity imbalance) near the top signals a potential liquidity sweep, possibly attracting shorts after a false breakout.
4. EMA Confluence:
The price is currently interacting with the 50 EMA (106,347) and slightly above the 200 EMA (104,794).
A rejection from this area strengthens the bearish bias if price closes below EMAs.
5. RSI Indicator:
RSI is near 65, approaching the overbought region.
A downturn from this level supports the case for a price decline.
6. Target Level:
The expected bearish move projects a drop to around $100,400, marking a ~9.2% decline.
This aligns with the horizontal support and previous bounce zones.
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Summary:
Bias: Bearish
Entry Zone: Near resistance/FVG region (~$108,000)
Target: ~$100,400
Invalidation: Strong bullish breakout above resistance trendline
Confluence Factors: RSI near overbought, EMA resistance, descending triangle, FVG zone
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Analysis Idea: BTC/USD Bearish Rejection from Resistance
1. Descending Triangle Pattern:
The chart shows a descending triangle pattern, with a flat support level (~$100,400) and lower highs forming resistance.
This structure typically suggests bearish continuation.
2. Resistance Rejections:
Multiple red arrows indicate repeated rejections at the descending resistance trendline.
These rejections show weakening bullish strength and confirm resistance.
3. FVG (Fair Value Gap) Area:
A small FVG zone (liquidity imbalance) near the top signals a potential liquidity sweep, possibly attracting shorts after a false breakout.
4. EMA Confluence:
The price is currently interacting with the 50 EMA (106,347) and slightly above the 200 EMA (104,794).
A rejection from this area strengthens the bearish bias if price closes below EMAs.
5. RSI Indicator:
RSI is near 65, approaching the overbought region.
A downturn from this level supports the case for a price decline.
6. Target Level:
The expected bearish move projects a drop to around $100,400, marking a ~9.2% decline.
This aligns with the horizontal support and previous bounce zones.
---
Summary:
Bias: Bearish
Entry Zone: Near resistance/FVG region (~$108,000)
Target: ~$100,400
Invalidation: Strong bullish breakout above resistance trendline
Confluence Factors: RSI near overbought, EMA resistance, descending triangle, FVG zone
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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.