Bitcoin (BTC/USD) Breakdown: Bearish Trend Continues After Uptre
This is a Bitcoin (BTC/USD) 1-hour chart
Key Observations:
1. Uptrend Channel (Green Lines - Past Trend)
Bitcoin was in an upward channel for several days, moving within parallel trendlines.
The price was making higher highs and higher lows, indicating a bullish trend.
2. Breakdown of the Uptrend
The price broke below the lower boundary of the green channel, signaling a bearish reversal.
This suggests a shift from an uptrend to a downtrend.
3. Downtrend Confirmation (Red Arrow & Trendline)
A steep downward trendline (red) has been drawn, showing continuous lower highs and lower lows.
The red arrow suggests further bearish movement, possibly targeting lower price levels.
4. Economic Events (U.S. Flag Icons)
The U.S. flag icons indicate upcoming economic events that could impact Bitcoin’s price.
These events might be related to economic data releases (such as interest rates, employment reports, or CPI data), influencing market sentiment.
5. Current Price Action
Bitcoin is trading at $99,648, down 0.98% at the time of the chart.
The price is struggling to hold above $98,000, with a possibility of further declines if selling pressure continues.
Conclusion:
The bearish trend is dominant after breaking the previous uptr
Key Observations:
1. Uptrend Channel (Green Lines - Past Trend)
Bitcoin was in an upward channel for several days, moving within parallel trendlines.
The price was making higher highs and higher lows, indicating a bullish trend.
2. Breakdown of the Uptrend
The price broke below the lower boundary of the green channel, signaling a bearish reversal.
This suggests a shift from an uptrend to a downtrend.
3. Downtrend Confirmation (Red Arrow & Trendline)
A steep downward trendline (red) has been drawn, showing continuous lower highs and lower lows.
The red arrow suggests further bearish movement, possibly targeting lower price levels.
4. Economic Events (U.S. Flag Icons)
The U.S. flag icons indicate upcoming economic events that could impact Bitcoin’s price.
These events might be related to economic data releases (such as interest rates, employment reports, or CPI data), influencing market sentiment.
5. Current Price Action
Bitcoin is trading at $99,648, down 0.98% at the time of the chart.
The price is struggling to hold above $98,000, with a possibility of further declines if selling pressure continues.
Conclusion:
The bearish trend is dominant after breaking the previous uptr
Trade closed: target reached
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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.
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.