This Bitcoin (BTC/USD) price analysis on a 1-day timeframe (from Coinbase) includes key technical indicators:
1. Double Top Formation – Marked at the resistance level, this pattern typically signals a potential price reversal. The price failed to break above this level twice before declining.
2. Resistance Level – A trendline acting as a strong resistance, previously rejecting price movements. The chart suggests that Bitcoin needs to break through this level for further bullish momentum.
3. Support Zones – Two green zones indicate key support levels where buying pressure has historically increased, preventing further declines.
4. Projected Price Action – The analysis suggests a short-term decline towards support, followed by a bullish rebound. The price is expected to test resistance again and potentially break out toward $104,283.
5. Volume Profile – The right side of the chart shows the volume traded at different price levels. Higher volume zones indicate strong areas of interest for buyers and sellers.
Overall, this analysis suggests a temporary dip followed by a potential breakout to new highs, contingent on Bitcoin holding support and overcoming resistance.
1. Double Top Formation – Marked at the resistance level, this pattern typically signals a potential price reversal. The price failed to break above this level twice before declining.
2. Resistance Level – A trendline acting as a strong resistance, previously rejecting price movements. The chart suggests that Bitcoin needs to break through this level for further bullish momentum.
3. Support Zones – Two green zones indicate key support levels where buying pressure has historically increased, preventing further declines.
4. Projected Price Action – The analysis suggests a short-term decline towards support, followed by a bullish rebound. The price is expected to test resistance again and potentially break out toward $104,283.
5. Volume Profile – The right side of the chart shows the volume traded at different price levels. Higher volume zones indicate strong areas of interest for buyers and sellers.
Overall, this analysis suggests a temporary dip followed by a potential breakout to new highs, contingent on Bitcoin holding support and overcoming resistance.
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t.me/ForexExpert377
🔥 What You’ll Get:
✅ Daily Forex signals with high accuracy
✅ Technical & fundamental analysis
✅ Risk management tips to protect your capital
📩 Join now and start winning
t.me/ForexExpert377
🔥 What You’ll Get:
✅ Daily Forex signals with high accuracy
✅ Technical & fundamental analysis
✅ Risk management tips to protect your capital
📩 Join now and start winning
t.me/ForexExpert377
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.