Bitcoin (BTC/USD) Daily Chart Analysis – April 2, 2025
Market Structure & Pattern:
Bitcoin is currently trading around $84,346, experiencing a slight decline of -0.97% for the day.
The chart shows a falling wedge pattern, a potential bullish reversal structure. A breakout above the upper trendline could signal upward momentum.
Key support at $74,400, marked by a strong horizontal level.
Major resistance near $100,000 - $105,000, where sellers may become aggressive.
Potential Scenarios:
Bullish Breakout:
If BTC breaks above the falling wedge resistance, the next target would be $100,000 - $105,000.
Confirmation would come with increased volume and a break above $90,000.
Bearish Breakdown:
Failure to hold the $74,400 support could result in a decline towards $55,000 - $50,000, a historical demand zone.
RSI (Relative Strength Index) is at 47, near the neutral zone, meaning BTC is not yet in oversold territory.
Key Levels to Watch:
Resistance: $90,000 → $100,000 - $105,000
Support: $74,400 → $55,000 - $50,000
Breakout confirmation: Above $90,000
Breakdown confirmation: Below $74,000
Trading Strategy:
Long entry: If BTC breaks and closes above $90,000, targeting $100,000+.
Short entry: If BTC loses $74,400 support, targeting $55,000.
Conclusion:
The falling wedge suggests a potential breakout, but BTC needs to clear $90,000 for bullish confirmation.
The RSI is neutral, indicating BTC is neither overbought nor oversold.
Monitor volume for breakout confirmation.
Market Structure & Pattern:
Bitcoin is currently trading around $84,346, experiencing a slight decline of -0.97% for the day.
The chart shows a falling wedge pattern, a potential bullish reversal structure. A breakout above the upper trendline could signal upward momentum.
Key support at $74,400, marked by a strong horizontal level.
Major resistance near $100,000 - $105,000, where sellers may become aggressive.
Potential Scenarios:
Bullish Breakout:
If BTC breaks above the falling wedge resistance, the next target would be $100,000 - $105,000.
Confirmation would come with increased volume and a break above $90,000.
Bearish Breakdown:
Failure to hold the $74,400 support could result in a decline towards $55,000 - $50,000, a historical demand zone.
RSI (Relative Strength Index) is at 47, near the neutral zone, meaning BTC is not yet in oversold territory.
Key Levels to Watch:
Resistance: $90,000 → $100,000 - $105,000
Support: $74,400 → $55,000 - $50,000
Breakout confirmation: Above $90,000
Breakdown confirmation: Below $74,000
Trading Strategy:
Long entry: If BTC breaks and closes above $90,000, targeting $100,000+.
Short entry: If BTC loses $74,400 support, targeting $55,000.
Conclusion:
The falling wedge suggests a potential breakout, but BTC needs to clear $90,000 for bullish confirmation.
The RSI is neutral, indicating BTC is neither overbought nor oversold.
Monitor volume for breakout confirmation.
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.