Bitcoin (BTC/USD) Bearish Continuation: Potential Drop Ahead
This Bitcoin (BTC/USD) price chart on the 1-hour time
Observations:
1. Downtrend Channel:
The price has been moving downward within a descending channel (marked in blue).
There is consistent lower highs and lower lows, indicating a bearish structure.
2. Breakout & Retest:
The price broke below the descending channel but attempted a small recovery.
Currently, it is testing the previous support, which could act as resistance.
3. Bearish Projection:
A red downward arrow suggests a possible rejection from this resistance level.
The drawn path indicates a potential further decline, possibly targeting the $88,000–$90,000 range.
4. Market Sentiment:
A 2.61% decline suggests strong bearish momentum.
Economic or external events (represented by icons) may influence the next move.
Conclusion:
If price fails to break back into the channel and faces rejection, a further drop is expected.
A confirmed breakdown could see BTC testing lower support levels around $92,000 or lower.
Observations:
1. Downtrend Channel:
The price has been moving downward within a descending channel (marked in blue).
There is consistent lower highs and lower lows, indicating a bearish structure.
2. Breakout & Retest:
The price broke below the descending channel but attempted a small recovery.
Currently, it is testing the previous support, which could act as resistance.
3. Bearish Projection:
A red downward arrow suggests a possible rejection from this resistance level.
The drawn path indicates a potential further decline, possibly targeting the $88,000–$90,000 range.
4. Market Sentiment:
A 2.61% decline suggests strong bearish momentum.
Economic or external events (represented by icons) may influence the next move.
Conclusion:
If price fails to break back into the channel and faces rejection, a further drop is expected.
A confirmed breakdown could see BTC testing lower support levels around $92,000 or lower.
Trade closed: stop reached
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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.
Related publications
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.