The chart depicts the BTC/USD price action on a 1-hour timeframe. Here’s a detailed analysis:
### Key Levels:
1. **Resistance Levels:**
- **Pink Zone (101,880 - 102,602):** A strong resistance area where price failed to break higher multiple times. This zone shows selling pressure and marks a critical area for a potential breakout or reversal.
- **108,267:** A major resistance level further up, yet to be tested.
2. **Support Levels:**
- **Blue Zone (92,628 - 94,496):** A significant support area, as price has bounced from this zone multiple times. It represents strong buyer interest.
- **90,690:** A lower support level, indicating the next target if the price breaks below the blue zone.
3. **Intermediate Levels:**
- **99,011 - 99,316 (Green Zone):** Previously acted as support and resistance, indicating a pivotal level.
- **100,698 (Orange Line):** A key psychological level, aligned with the round number of $100,000.
---
### Chart Patterns and Trendlines:
- **Downward Channel:** The red descending trendline highlights the current bearish momentum, with lower highs and lower lows.
- **Potential W Reversal Pattern:** The double bottom formation near the blue support zone suggests a possible bullish reversal. If confirmed, the price could break above the descending trendline and target higher resistance zones.
---
### Price Action Insights:
1. **Current Movement:** The price is trading around $95,433, slightly above the blue support zone. This suggests consolidation after a recent bearish trend.
2. **Key Rejections and Bounces:**
- Multiple rejections in the pink zone indicate strong resistance.
- Clear bounces from the blue support zone emphasize its importance.
---
### Potential Scenarios:
1. **Bullish Scenario:**
- If the price breaks above the descending red trendline and sustains above the green zone ($99,011 - $99,316), the next target would be the orange line ($100,698) and eventually the pink resistance zone.
- A breakout above the pink zone could trigger a strong rally toward $108,267.
2. **Bearish Scenario:**
- If the price fails to hold above the blue support zone, the next target is $92,628. Further downside could lead to a retest of $90,690.
---
### Summary:
- The chart reflects a consolidation phase after a bearish trend.
- Bulls need to reclaim $99,316 and break the red descending trendline to shift momentum.
- Bears will aim to break below $94,496 for further downside.
This analysis suggests close monitoring of the $94,496 and $99,316 levels to anticipate the next directional move.
### Key Levels:
1. **Resistance Levels:**
- **Pink Zone (101,880 - 102,602):** A strong resistance area where price failed to break higher multiple times. This zone shows selling pressure and marks a critical area for a potential breakout or reversal.
- **108,267:** A major resistance level further up, yet to be tested.
2. **Support Levels:**
- **Blue Zone (92,628 - 94,496):** A significant support area, as price has bounced from this zone multiple times. It represents strong buyer interest.
- **90,690:** A lower support level, indicating the next target if the price breaks below the blue zone.
3. **Intermediate Levels:**
- **99,011 - 99,316 (Green Zone):** Previously acted as support and resistance, indicating a pivotal level.
- **100,698 (Orange Line):** A key psychological level, aligned with the round number of $100,000.
---
### Chart Patterns and Trendlines:
- **Downward Channel:** The red descending trendline highlights the current bearish momentum, with lower highs and lower lows.
- **Potential W Reversal Pattern:** The double bottom formation near the blue support zone suggests a possible bullish reversal. If confirmed, the price could break above the descending trendline and target higher resistance zones.
---
### Price Action Insights:
1. **Current Movement:** The price is trading around $95,433, slightly above the blue support zone. This suggests consolidation after a recent bearish trend.
2. **Key Rejections and Bounces:**
- Multiple rejections in the pink zone indicate strong resistance.
- Clear bounces from the blue support zone emphasize its importance.
---
### Potential Scenarios:
1. **Bullish Scenario:**
- If the price breaks above the descending red trendline and sustains above the green zone ($99,011 - $99,316), the next target would be the orange line ($100,698) and eventually the pink resistance zone.
- A breakout above the pink zone could trigger a strong rally toward $108,267.
2. **Bearish Scenario:**
- If the price fails to hold above the blue support zone, the next target is $92,628. Further downside could lead to a retest of $90,690.
---
### Summary:
- The chart reflects a consolidation phase after a bearish trend.
- Bulls need to reclaim $99,316 and break the red descending trendline to shift momentum.
- Bears will aim to break below $94,496 for further downside.
This analysis suggests close monitoring of the $94,496 and $99,316 levels to anticipate the next directional move.
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.
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.