Bitcoin (BTC/USDT) Bearish Breakdown: Support Retest and Potenti
This is a Bitcoin (BTC/USDT) 1-hour chart
Key Observations:
1. Descending Trendline (Resistance)
A blue downward-sloping trendline indicates a bearish trend. BTC has failed to break above it multiple times, suggesting strong resistance.
2. Support Level
A horizontal blue line marks a key support zone. BTC has tested this level multiple times.
3. Bearish Price Action
A clear M-pattern (double-top formation) is visible, which is a bearish reversal pattern.
After hitting the descending trendline, BTC has dropped sharply.
4. Breakdown Expectation
The red arrow and downward projection suggest a breakdown below support.
If BTC fails to hold support, the next target could be around $94,000 or lower.
Conclusion:
BTC is showing bearish momentum.
A confirmed break below support could trigger further downside.
Bulls need a breakout above the trendline to regain control.
Key Observations:
1. Descending Trendline (Resistance)
A blue downward-sloping trendline indicates a bearish trend. BTC has failed to break above it multiple times, suggesting strong resistance.
2. Support Level
A horizontal blue line marks a key support zone. BTC has tested this level multiple times.
3. Bearish Price Action
A clear M-pattern (double-top formation) is visible, which is a bearish reversal pattern.
After hitting the descending trendline, BTC has dropped sharply.
4. Breakdown Expectation
The red arrow and downward projection suggest a breakdown below support.
If BTC fails to hold support, the next target could be around $94,000 or lower.
Conclusion:
BTC is showing bearish momentum.
A confirmed break below support could trigger further downside.
Bulls need a breakout above the trendline to regain control.
Trade closed: stop reached
Related publications
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.
Related publications
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.