The chart shows BTC/USD on a 2-hour timeframe, currently testing a descending resistance trendline. Price has been making lower highs and lower lows, indicating a bearish market structure. The recent bounce toward the trendline suggests a potential rejection.
Key points:
Price is respecting a clear downtrend.
Multiple bearish "Change of Character" (ChoCH) and "Break of Structure" (BOS) events confirm continued bearish momentum.
The chart suggests a likely rejection from the resistance trendline, potentially pushing BTC down toward the support zone around \$100,800.
Overall, the analysis implies a bearish outlook unless price breaks above the resistance trendline with strong momentum.
Key points:
Price is respecting a clear downtrend.
Multiple bearish "Change of Character" (ChoCH) and "Break of Structure" (BOS) events confirm continued bearish momentum.
The chart suggests a likely rejection from the resistance trendline, potentially pushing BTC down toward the support zone around \$100,800.
Overall, the analysis implies a bearish outlook unless price breaks above the resistance trendline with strong momentum.
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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.