This chart shows a technical analysis of Bitcoin (BTC/USDT) on a 1-hour timeframe with key points marked:
Double Top Formation: The two red circles near 106,781.56 indicate a potential double top pattern, which is typically bearish. This could signal a trend reversal.
Register Point: Around 106,781.56 – a key resistance level where price was rejected twice.
Support Levels:
Minor: ~105,054.36
Stronger: ~104,473.34
Bearish Scenarios:
If price breaks below 104,473.34, a move to 102,141.49 is possible.
If that level fails, price may reach the "target successful" zone at ~101,374.24.
Volume: Slight uptick near the second top, which can sometimes signal distribution.
In summary, the chart suggests a potential bearish move if the support zones fail. Ho…
Double Top Formation: The two red circles near 106,781.56 indicate a potential double top pattern, which is typically bearish. This could signal a trend reversal.
Register Point: Around 106,781.56 – a key resistance level where price was rejected twice.
Support Levels:
Minor: ~105,054.36
Stronger: ~104,473.34
Bearish Scenarios:
If price breaks below 104,473.34, a move to 102,141.49 is possible.
If that level fails, price may reach the "target successful" zone at ~101,374.24.
Volume: Slight uptick near the second top, which can sometimes signal distribution.
In summary, the chart suggests a potential bearish move if the support zones fail. Ho…
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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.