BTC/USDT Analysis: Is a Key Reversal Brewing?
Bitcoin's price action continues to intrigue traders as it consolidates within an ascending channel on the 4-hour timeframe. The recent rejection from the channel's upper boundary at $108,000 indicates that bearish pressure might dominate the short term. Currently, BTC trades around $101,450, testing a critical support level near $102,000.
Key Observations:
Ascending Channel in Play: The structure highlights an upward trend, with BTC respecting both the upper and lower boundaries of the channel. The dotted midline has acted as a dynamic pivot, influencing price movement over recent weeks.
Bearish Breakdown Potential: A clear break below $102,000 could lead BTC toward the next significant horizontal support at $98,236. This level aligns closely with the channel's lower boundary, making it a crucial zone for bulls to defend.
Key Resistance Zone: If bulls manage to reclaim $103,000, BTC could retest the midline or even the $106,000 level. However, failure to sustain above the $102,000 support could accelerate a bearish trend.
RSI Divergence: Hidden bearish divergence on the RSI suggests weakening bullish momentum, supporting the case for a deeper correction.
Expected Scenarios:
A retest of $98,000 would provide an excellent opportunity for bullish accumulation within the channel structure.
If the price rebounds from the lower boundary, bulls may aim for $106,000-$108,000 in the medium term.
A confirmed breakdown below $98,000 might invalidate the channel, opening doors for further downside to $94,000.
Key Observations:
Ascending Channel in Play: The structure highlights an upward trend, with BTC respecting both the upper and lower boundaries of the channel. The dotted midline has acted as a dynamic pivot, influencing price movement over recent weeks.
Bearish Breakdown Potential: A clear break below $102,000 could lead BTC toward the next significant horizontal support at $98,236. This level aligns closely with the channel's lower boundary, making it a crucial zone for bulls to defend.
Key Resistance Zone: If bulls manage to reclaim $103,000, BTC could retest the midline or even the $106,000 level. However, failure to sustain above the $102,000 support could accelerate a bearish trend.
RSI Divergence: Hidden bearish divergence on the RSI suggests weakening bullish momentum, supporting the case for a deeper correction.
Expected Scenarios:
A retest of $98,000 would provide an excellent opportunity for bullish accumulation within the channel structure.
If the price rebounds from the lower boundary, bulls may aim for $106,000-$108,000 in the medium term.
A confirmed breakdown below $98,000 might invalidate the channel, opening doors for further downside to $94,000.
Trade closed: target reached
The target has been touched!
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: 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 broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: 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.