BitcoinShort
Bitcoin Technical Analysis
Bitcoin Technical Analysis
Based on the current 4-hour chart, Bitcoin faces resistance at $96,754, which is acting as a significant barrier to upward movement. As long as this level remains unbroken, the bearish momentum could persist, leading the price to test the lower support at $88,345.
Key Points:
Resistance at $96,754:
This level serves as a strong resistance zone. The inability to break above this level confirms the dominance of sellers and limits upward potential in the short term.
Support at $88,345:
If the resistance at $96,754 holds, the price is expected to continue its descent toward the support at $88,345, which aligns with the lower boundary of the descending channel.
Bearish Momentum:
The price remains below the Kumo Cloud and key moving averages, signaling bearish dominance.
Failure to breach resistance strengthens the probability of further downside movement.
Descending Channel:
The overall structure shows a continuation of the bearish trend, with $88,345 acting as a potential target if the resistance at $96,754 is maintained.
Conclusion:
As long as $96,754 resistance holds, Bitcoin is likely to move lower, with the $88,345 support as the next key target. Traders should remain cautious and monitor price action around these levels while managing risks effectively.
Based on the current 4-hour chart, Bitcoin faces resistance at $96,754, which is acting as a significant barrier to upward movement. As long as this level remains unbroken, the bearish momentum could persist, leading the price to test the lower support at $88,345.
Key Points:
Resistance at $96,754:
This level serves as a strong resistance zone. The inability to break above this level confirms the dominance of sellers and limits upward potential in the short term.
Support at $88,345:
If the resistance at $96,754 holds, the price is expected to continue its descent toward the support at $88,345, which aligns with the lower boundary of the descending channel.
Bearish Momentum:
The price remains below the Kumo Cloud and key moving averages, signaling bearish dominance.
Failure to breach resistance strengthens the probability of further downside movement.
Descending Channel:
The overall structure shows a continuation of the bearish trend, with $88,345 acting as a potential target if the resistance at $96,754 is maintained.
Conclusion:
As long as $96,754 resistance holds, Bitcoin is likely to move lower, with the $88,345 support as the next key target. Traders should remain cautious and monitor price action around these levels while managing risks effectively.
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