hello guys.
Fake Bullish Divergence:
The Relative Strength Index (RSI) at the bottom shows a bullish divergence, but the price action invalidated it — signaling a "fake divergence".
This could trap early long positions and fuel further downside.
Broken Trendline Support:
A significant ascending trendline support has been broken, indicating weakening bullish momentum.
The recent bounce back seems corrective rather than impulsive.
Price Projection:
An arrow points downward toward the horizontal support around $69,149, hinting at a possible drop in price.
This level coincides with the intersection of the mid-channel support line and horizontal price structure.
Channel Structure:
The overall chart operates within a large ascending channel.
A revisit of the lower bound of the channel aligns with the projected price target.
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Conclusion:
Despite the recent rebound, Bitcoin is showing signs of weakness due to a fake bullish RSI divergence and a broken ascending trendline. The technical setup suggests a potential decline toward the $69,000–71,000 support zone before any meaningful recovery can occur. Caution is advised for bullish traders until the price confirms a stronger support or reversal signal.
Fake Bullish Divergence:
The Relative Strength Index (RSI) at the bottom shows a bullish divergence, but the price action invalidated it — signaling a "fake divergence".
This could trap early long positions and fuel further downside.
Broken Trendline Support:
A significant ascending trendline support has been broken, indicating weakening bullish momentum.
The recent bounce back seems corrective rather than impulsive.
Price Projection:
An arrow points downward toward the horizontal support around $69,149, hinting at a possible drop in price.
This level coincides with the intersection of the mid-channel support line and horizontal price structure.
Channel Structure:
The overall chart operates within a large ascending channel.
A revisit of the lower bound of the channel aligns with the projected price target.
-------------------------------------
Conclusion:
Despite the recent rebound, Bitcoin is showing signs of weakness due to a fake bullish RSI divergence and a broken ascending trendline. The technical setup suggests a potential decline toward the $69,000–71,000 support zone before any meaningful recovery can occur. Caution is advised for bullish traders until the price confirms a stronger support or reversal signal.
Note
In a higher time frame, you can see that the $69k-$71k is more important!
Note
#btcusdt
it gonna touch $83950
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.