"Bitcoin (BTC/USD) on the 4H timeframe is currently trading within a well-defined consolidation range, as highlighted on the chart. Price action has repeatedly tested the lower boundary of the range without a confirmed breakdown yet.
The chart illustrates a potential bearish scenario where a decisive break below the range support could trigger a move towards the next major support zone at 93,353.55 USD. A failure to hold this level may open further downside potential.
The Ichimoku Cloud shows a neutral-to-bearish bias, which adds weight to the possibility of a breakdown.
Key Levels to Watch:
Range Resistance: Around 108,000 USD
Range Support: Around 103,800 USD
Major Support: 93,353.55 USD
Current Bias: Bearish (unless price reclaims the upper range resistance)
Traders are advised to wait for a confirmed breakout before considering new positions."
The chart illustrates a potential bearish scenario where a decisive break below the range support could trigger a move towards the next major support zone at 93,353.55 USD. A failure to hold this level may open further downside potential.
The Ichimoku Cloud shows a neutral-to-bearish bias, which adds weight to the possibility of a breakdown.
Key Levels to Watch:
Range Resistance: Around 108,000 USD
Range Support: Around 103,800 USD
Major Support: 93,353.55 USD
Current Bias: Bearish (unless price reclaims the upper range resistance)
Traders are advised to wait for a confirmed breakout before considering new positions."
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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.