Bitcoin is trading within a descending channel, respecting lower highs and lower lows. The recent price action shows a sharp bounce from the $98,600 support zone, but the bigger picture still hints at potential downside.
🔍 Key Technical Insights:
Descending Channel remains intact – structure suggests bearish continuation.
Price bounced from $98,626 support, but is struggling below key resistance at $108,622.
A possible lower high formation near $106K–$107K could trigger the next drop.
Bearish projection remains valid if price fails to break above the descending trendline.
🟢 Upside Scenario: If bulls manage to break above $109K resistance, we could see a bullish reversal.
🔴 Downside Target: If the bearish setup confirms, we may revisit the $98,000–$99,000 support area once again.
📌 Plan Accordingly:
Wait for price action confirmation near resistance. Patience pays in volatile zones like this!
#BTCUSD #Bitcoin #CryptoAnalysis #TradingView #BTCUpdate #CryptoTrader #TechnicalAnalysis
🔍 Key Technical Insights:
Descending Channel remains intact – structure suggests bearish continuation.
Price bounced from $98,626 support, but is struggling below key resistance at $108,622.
A possible lower high formation near $106K–$107K could trigger the next drop.
Bearish projection remains valid if price fails to break above the descending trendline.
🟢 Upside Scenario: If bulls manage to break above $109K resistance, we could see a bullish reversal.
🔴 Downside Target: If the bearish setup confirms, we may revisit the $98,000–$99,000 support area once again.
📌 Plan Accordingly:
Wait for price action confirmation near resistance. Patience pays in volatile zones like this!
#BTCUSD #Bitcoin #CryptoAnalysis #TradingView #BTCUpdate #CryptoTrader #TechnicalAnalysis
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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.