🔍 Key Observations:
1. Resistance Zone (106,500–107,000):
Price is testing a strong horizontal resistance area, marked by the green rectangle.
This zone has acted as resistance multiple times (highlighted with orange circles), suggesting supply pressure.
2. Triple Top Formation:
The three orange circles mark failed breakout attempts at the resistance level, forming a triple top pattern, a bearish reversal signal.
Each top is followed by a price drop, showing seller dominance near this zone.
3. Current Price Action:
Price is currently at 106,777, near the resistance peak again.
A downward arrow points to a projected target of 104,399, implying a potential short-term bearish move if rejection happens again.
4. Support Zones:
104,399 is marked as a short-term target and potential support level.
A major support zone also exists around the 100,000 level, indicated by the green horizontal box and upcoming economic events (red/blue news icons).
5. Trendlines & Patterns:
Earlier trendline breakouts (rising wedge and falling wedge) led to short rallies and corrections.
The most recent bullish move seems to be losing momentum at this resistance.
---
📉 Conclusion:
The chart suggests a bearish bias in the short term unless Bitcoin breaks and holds above the 107,000 resistance level.
If rejected again, the price may fall toward the 104,399 target, and possibly lower if bearish momentum strengthens.
Traders may look for confirmation (e.g., bearish candlestick patterns, volume drop) before entering short positions.
1. Resistance Zone (106,500–107,000):
Price is testing a strong horizontal resistance area, marked by the green rectangle.
This zone has acted as resistance multiple times (highlighted with orange circles), suggesting supply pressure.
2. Triple Top Formation:
The three orange circles mark failed breakout attempts at the resistance level, forming a triple top pattern, a bearish reversal signal.
Each top is followed by a price drop, showing seller dominance near this zone.
3. Current Price Action:
Price is currently at 106,777, near the resistance peak again.
A downward arrow points to a projected target of 104,399, implying a potential short-term bearish move if rejection happens again.
4. Support Zones:
104,399 is marked as a short-term target and potential support level.
A major support zone also exists around the 100,000 level, indicated by the green horizontal box and upcoming economic events (red/blue news icons).
5. Trendlines & Patterns:
Earlier trendline breakouts (rising wedge and falling wedge) led to short rallies and corrections.
The most recent bullish move seems to be losing momentum at this resistance.
---
📉 Conclusion:
The chart suggests a bearish bias in the short term unless Bitcoin breaks and holds above the 107,000 resistance level.
If rejected again, the price may fall toward the 104,399 target, and possibly lower if bearish momentum strengthens.
Traders may look for confirmation (e.g., bearish candlestick patterns, volume drop) before entering short positions.
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Disclaimer
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🔗 t.me/+VTrdWh5R_scwMGM0
✅ All PAIRS SIGNALS PROVIDE FIRST VISIT THEN JOIN
🔗 t.me/+jODseb0iIvxiNjc0
✅ REGISTER UNDER THE WORLD BEST BROKER
🔗 one.exnesstrack.org/a/6yzdfvn1po
✅ All PAIRS SIGNALS PROVIDE FIRST VISIT THEN JOIN
🔗 t.me/+jODseb0iIvxiNjc0
✅ REGISTER UNDER THE WORLD BEST BROKER
🔗 one.exnesstrack.org/a/6yzdfvn1po
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.