Chart Analysis for Bitcoin (BTC/USD) – April 08, 2025 – 4-Hour Timeframe
Key Observations:
1. Trend and Price Action:
- The price of Bitcoin (BTC) has been trading within a descending channel as shown by the blue trendlines. This indicates a bearish market structure. The price has recently broken below previous levels of support and continues to decline, confirming ongoing bearish momentum.
2. Resistance and Order Block:
- The resistance level at 81,071 has been a significant barrier. The price struggled to push above this level, signaling strong selling pressure. This is also where the order block at 84,923 is identified, which acted as an area of supply where sellers took control.
- The order block at 84,923 likely triggered the sharp price drop after the market failed to breach this level, reinforcing the bearish bias.
3. Support Levels:
- 74,755 is a key support level for Bitcoin. This level has previously acted as a region where buyers could step in. The price is now approaching this area after facing resistance at 81,071 and 84,923. A test of this support level will be crucial to determine whether Bitcoin will continue to fall or whether buyers will take control and reverse the trend.4. Bearish Continuation:
- The price is trading below the resistance and in a descending trend, confirming a bearish market phase. The price is also showing lower highs and lower lows, which indicates the strength of the downward move. Given that the price is near support, a breakdown below the 74,755 level would lead to further downside movement.
5. Volume:
- The volume analysis shows increased selling pressure on the downside, especially during the breakdown around the 7th of April. This confirms that sellers are dominating the market and that the current trend is bearish.
Price Target and Potential Scenarios:
1. Bearish Continuation (Target: 74,755):
- The target for this bearish move is 74,755, which aligns with the previous support level. If the price fails to hold at this level, further downside could be expected. A break below this level would likely lead to new lows.
2. Range-Bound Movement:
- The price might find support at 74,755, leading to sideways price action between the support and resistance levels. In this case, the market might consolidate within the channel, and traders could watch for a breakout from either side for the next direction.
3. Bullish Reversal (Bounce at Support):
Key Observations:
1. Trend and Price Action:
- The price of Bitcoin (BTC) has been trading within a descending channel as shown by the blue trendlines. This indicates a bearish market structure. The price has recently broken below previous levels of support and continues to decline, confirming ongoing bearish momentum.
2. Resistance and Order Block:
- The resistance level at 81,071 has been a significant barrier. The price struggled to push above this level, signaling strong selling pressure. This is also where the order block at 84,923 is identified, which acted as an area of supply where sellers took control.
- The order block at 84,923 likely triggered the sharp price drop after the market failed to breach this level, reinforcing the bearish bias.
3. Support Levels:
- 74,755 is a key support level for Bitcoin. This level has previously acted as a region where buyers could step in. The price is now approaching this area after facing resistance at 81,071 and 84,923. A test of this support level will be crucial to determine whether Bitcoin will continue to fall or whether buyers will take control and reverse the trend.4. Bearish Continuation:
- The price is trading below the resistance and in a descending trend, confirming a bearish market phase. The price is also showing lower highs and lower lows, which indicates the strength of the downward move. Given that the price is near support, a breakdown below the 74,755 level would lead to further downside movement.
5. Volume:
- The volume analysis shows increased selling pressure on the downside, especially during the breakdown around the 7th of April. This confirms that sellers are dominating the market and that the current trend is bearish.
Price Target and Potential Scenarios:
1. Bearish Continuation (Target: 74,755):
- The target for this bearish move is 74,755, which aligns with the previous support level. If the price fails to hold at this level, further downside could be expected. A break below this level would likely lead to new lows.
2. Range-Bound Movement:
- The price might find support at 74,755, leading to sideways price action between the support and resistance levels. In this case, the market might consolidate within the channel, and traders could watch for a breakout from either side for the next direction.
3. Bullish Reversal (Bounce at Support):
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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.
👉Free Telegram Channel Link 👇
t.me/+o7AGmpIUIjM2YWM8
Vip Paid Signals Link 🔗
t.me/+o7AGmpIUIjM2YWM8
Recommend Best Broker Exness
Partner link 👇
one.exnesstrack.org/a/cpngkkjhvf
t.me/+o7AGmpIUIjM2YWM8
Vip Paid Signals Link 🔗
t.me/+o7AGmpIUIjM2YWM8
Recommend Best Broker Exness
Partner link 👇
one.exnesstrack.org/a/cpngkkjhvf
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.