Key Observations:
• Bearish Impulse & Pullback Channels:
The chart shows two prior rising channels (bear flags), both followed by strong bearish breakdowns. These patterns typically indicate continuation to the downside after temporary upward corrections.
• Resistance Supply Zone (Sell Area):
Around $84,100–$84,674, there’s a clear supply zone where sellers previously stepped in, pushing price lower. Price recently spiked toward this area and rejected—signaling potential reversal or correction.
• Current Price Behavior:
BTC surged into resistance, then showed signs of rejection with a marked blue arrow pointing downward, suggesting possible entry for short positions based on the reversal from this supply zone.
• Target Demand Zone:
A buy zone/demand block is marked around $77,176–$77,914, aligning with previous price reactions and structure. This zone is a potential take-profit target or a bounce area for bulls.
• Supertrend Indicator:
The Supertrend appears to be shifting, suggesting a change in trend bias—likely turning bearish again if the price fails to hold above $82,000.
• Bearish Impulse & Pullback Channels:
The chart shows two prior rising channels (bear flags), both followed by strong bearish breakdowns. These patterns typically indicate continuation to the downside after temporary upward corrections.
• Resistance Supply Zone (Sell Area):
Around $84,100–$84,674, there’s a clear supply zone where sellers previously stepped in, pushing price lower. Price recently spiked toward this area and rejected—signaling potential reversal or correction.
• Current Price Behavior:
BTC surged into resistance, then showed signs of rejection with a marked blue arrow pointing downward, suggesting possible entry for short positions based on the reversal from this supply zone.
• Target Demand Zone:
A buy zone/demand block is marked around $77,176–$77,914, aligning with previous price reactions and structure. This zone is a potential take-profit target or a bounce area for bulls.
• Supertrend Indicator:
The Supertrend appears to be shifting, suggesting a change in trend bias—likely turning bearish again if the price fails to hold above $82,000.
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.