In todays overview, we will discuss the price action of BTC and what we could expect in the short-term.
What will we discuss?
- Bitcoin approaching key resistance
- Daily trendline break - But no higher high yet
- Stochastic RSI overbought on the daily timeframe
- Defining the daily range
- Downside targets within the range
- Final thoughts
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Bitcoin Approaching Key Resistance
Bitcoin is now pressing up against a significant resistance zone in the $88,000 to $89,000 range. This area is dense with liquidity, and many stop-loss orders have likely accumulated just above the previous local wick. It's not uncommon in these scenarios for price action to briefly push higher, grabbing that liquidity and triggering those stops, before reversing direction. A short-term stop run followed by a move to the downside wouldn’t be surprising and would align with typical market behavior in these conditions.
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Daily Trendline Break – But No Higher High Yet
On the daily chart, BTC has managed to break above a descending trendline that had previously capped price action. While that initial breakout was a promising sign for bulls, price has since been consolidating outside the trendline without yet printing a higher high. Until that happens, the overall market structure remains bearish on this timeframe. A confirmed higher high would be needed to shift the daily trend back to bullish.
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Stochastic RSI Overbought on Daily Timeframe
The Stochastic RSI on the daily chart has been in overbought territory for more than a week, which is typically unsustainable for long periods. This kind of prolonged overbought reading often precedes a pullback. The key question is not if a correction will happen, but how deep it will go. Ideally for bulls, a minor pullback followed by a higher high would be constructive and could signal the beginning of a stronger upward move. But until then, caution is warranted.
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Defining the Daily Range
Currently, Bitcoin is trading within a well-defined range between $75,000 and $88,000. This is the key zone that traders should be paying attention to. As long as price remains within this bracket, we are in a ranging market, not a trending one.
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Downside Targets Within the Range
If price does get rejected at the resistance zone, downside targets to watch include support levels at $84,000, $80,000, and $75,000. These levels could provide bounce opportunities within the range. There’s no need to speculate on price moving significantly below $75,000 unless that level is cleanly broken. Similarly, upside targets beyond $89,000 shouldn’t be considered until we see a proper breakout and continuation.
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Final Thoughts
We should treat the current market as range-bound until proven otherwise. That means respecting the range: moves into resistance zones near
88K–
89K are potential selling opportunities, while dips into support around $75K–$80K may be areas to look for buying setups. Until either support or resistance gives way, expect this chop to continue, and trade accordingly.
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Thanks for your support.
- Make sure to follow me so you don't miss out on the next analysis!
- Drop a like and leave a comment!
What will we discuss?
- Bitcoin approaching key resistance
- Daily trendline break - But no higher high yet
- Stochastic RSI overbought on the daily timeframe
- Defining the daily range
- Downside targets within the range
- Final thoughts
-----------------------------------------------------------------------------------------------
Bitcoin Approaching Key Resistance
Bitcoin is now pressing up against a significant resistance zone in the $88,000 to $89,000 range. This area is dense with liquidity, and many stop-loss orders have likely accumulated just above the previous local wick. It's not uncommon in these scenarios for price action to briefly push higher, grabbing that liquidity and triggering those stops, before reversing direction. A short-term stop run followed by a move to the downside wouldn’t be surprising and would align with typical market behavior in these conditions.
-----------------------------------------------------------------------------------------------
Daily Trendline Break – But No Higher High Yet
On the daily chart, BTC has managed to break above a descending trendline that had previously capped price action. While that initial breakout was a promising sign for bulls, price has since been consolidating outside the trendline without yet printing a higher high. Until that happens, the overall market structure remains bearish on this timeframe. A confirmed higher high would be needed to shift the daily trend back to bullish.
-----------------------------------------------------------------------------------------------
Stochastic RSI Overbought on Daily Timeframe
The Stochastic RSI on the daily chart has been in overbought territory for more than a week, which is typically unsustainable for long periods. This kind of prolonged overbought reading often precedes a pullback. The key question is not if a correction will happen, but how deep it will go. Ideally for bulls, a minor pullback followed by a higher high would be constructive and could signal the beginning of a stronger upward move. But until then, caution is warranted.
-----------------------------------------------------------------------------------------------
Defining the Daily Range
Currently, Bitcoin is trading within a well-defined range between $75,000 and $88,000. This is the key zone that traders should be paying attention to. As long as price remains within this bracket, we are in a ranging market, not a trending one.
-----------------------------------------------------------------------------------------------
Downside Targets Within the Range
If price does get rejected at the resistance zone, downside targets to watch include support levels at $84,000, $80,000, and $75,000. These levels could provide bounce opportunities within the range. There’s no need to speculate on price moving significantly below $75,000 unless that level is cleanly broken. Similarly, upside targets beyond $89,000 shouldn’t be considered until we see a proper breakout and continuation.
-----------------------------------------------------------------------------------------------
Final Thoughts
We should treat the current market as range-bound until proven otherwise. That means respecting the range: moves into resistance zones near
88K–89K are potential selling opportunities, while dips into support around $75K–$80K may be areas to look for buying setups. Until either support or resistance gives way, expect this chop to continue, and trade accordingly.-----------------------------------------------------------------------------------------------
Thanks for your support.
- Make sure to follow me so you don't miss out on the next analysis!
- Drop a like and leave a comment!
Trade active
BTC broke out of the top range. Therefore, we can look for targets at 95k till 97k
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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.
Free discord trading community
discord.gg/ctYsFQR4bx
Free signals
t.me/codeandcandle
discord.gg/ctYsFQR4bx
Free signals
t.me/codeandcandle
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.