The chart uses candlesticks to show Bitcoin price action. The current price is $83,474, with a small upward movement (+0.11%). A Supertrend (10,3) indicator is applied to help identify the current market trend.
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2. Key Levels Highlighted:
• Resistance Zones:
• $85,000 – Psychological round number and major resistance.
• $84,674 – Resistance zone top.
• $84,193 – Previous resistance, possibly a liquidity area.
• Support Zones:
• $82,784 – Near-term support.
• $82,152 – Support confirmed by Supertrend and price action.
• $81,579 – Stronger support.
• $80,902 – Marked support zone (highlighted red box).
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3. Indicators & Patterns:
• Supertrend Indicator (Green Line):
• Currently bullish – price is above the Supertrend, indicating ongoing uptrend.
• Price Action Analysis:
• Recent rise from support near $80,900 to current levels.
• Price is approaching a resistance area ($84,193–$84,674).
• Projected Move (Blue Line):
• The analyst expects a rejection from the resistance zone.
• Projection shows a potential pullback to around $82,784 or lower.
• If bearish momentum continues, price may fall to the demand zone between $80,902 and $80,650.
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4. Interpretation:
This analysis suggests:
• Bitcoin is approaching strong resistance.
• A short-term bearish move is expected (likely a retracement).
• The projection implies a potential double-top or rejection setup.
• Trade idea: Possible short trade from ~$84,200 with targets around $82,000–$80,900
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2. Key Levels Highlighted:
• Resistance Zones:
• $85,000 – Psychological round number and major resistance.
• $84,674 – Resistance zone top.
• $84,193 – Previous resistance, possibly a liquidity area.
• Support Zones:
• $82,784 – Near-term support.
• $82,152 – Support confirmed by Supertrend and price action.
• $81,579 – Stronger support.
• $80,902 – Marked support zone (highlighted red box).
⸻
3. Indicators & Patterns:
• Supertrend Indicator (Green Line):
• Currently bullish – price is above the Supertrend, indicating ongoing uptrend.
• Price Action Analysis:
• Recent rise from support near $80,900 to current levels.
• Price is approaching a resistance area ($84,193–$84,674).
• Projected Move (Blue Line):
• The analyst expects a rejection from the resistance zone.
• Projection shows a potential pullback to around $82,784 or lower.
• If bearish momentum continues, price may fall to the demand zone between $80,902 and $80,650.
⸻
4. Interpretation:
This analysis suggests:
• Bitcoin is approaching strong resistance.
• A short-term bearish move is expected (likely a retracement).
• The projection implies a potential double-top or rejection setup.
• Trade idea: Possible short trade from ~$84,200 with targets around $82,000–$80,900
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.
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.