1. Overall Trend:
The chart is currently within a descending channel, indicated by two parallel downward-sloping trendlines. The price continues to fluctuate within the boundaries of this bearish channel.
2. Current Price Action:
BTC has just touched the lower green support zone (around 103,000 – 102,500 USDT) and is showing a slight rebound.
→ This suggests a potential recovery toward the nearest resistance zone.
3. Key Levels:
✅ Nearest Support Zone:
103,000 – 102,500 USDT → The price is currently bouncing from this area. If this zone holds, a short-term rebound toward resistance is likely.
🟥 Nearest Resistance Zone:
105,000 – 106,500 USDT → This zone has repeatedly rejected price advances in the past. Watch closely as price approaches this level.
🟪 Major Upper Resistance Zone:
Around 107,000 – 109,000 USDT → If price breaks above the red zone, this will be the next target.
4. Potential Scenarios:
🔹 Scenario 1 (Bullish):
If BTC holds the 103K support and breaks above the descending channel → price could aim for 105K – 106.5K. If that level is breached, the next target may be 107K – 109K.
🔸 Scenario 2 (Bearish):
If the 103K support breaks → price may fall deeper toward the lower green support zone (around 101,500 – 100,500 USDT).
🎯 Summary:
Short-term trend remains bearish.
Price is reacting at support → a rebound is possible.
Need confirmation from volume and candlesticks to determine if the current downtrend can be broken.
Don't forget to like – follow – and share if you find it useful!”😁😁😁
The chart is currently within a descending channel, indicated by two parallel downward-sloping trendlines. The price continues to fluctuate within the boundaries of this bearish channel.
2. Current Price Action:
BTC has just touched the lower green support zone (around 103,000 – 102,500 USDT) and is showing a slight rebound.
→ This suggests a potential recovery toward the nearest resistance zone.
3. Key Levels:
✅ Nearest Support Zone:
103,000 – 102,500 USDT → The price is currently bouncing from this area. If this zone holds, a short-term rebound toward resistance is likely.
🟥 Nearest Resistance Zone:
105,000 – 106,500 USDT → This zone has repeatedly rejected price advances in the past. Watch closely as price approaches this level.
🟪 Major Upper Resistance Zone:
Around 107,000 – 109,000 USDT → If price breaks above the red zone, this will be the next target.
4. Potential Scenarios:
🔹 Scenario 1 (Bullish):
If BTC holds the 103K support and breaks above the descending channel → price could aim for 105K – 106.5K. If that level is breached, the next target may be 107K – 109K.
🔸 Scenario 2 (Bearish):
If the 103K support breaks → price may fall deeper toward the lower green support zone (around 101,500 – 100,500 USDT).
🎯 Summary:
Short-term trend remains bearish.
Price is reacting at support → a rebound is possible.
Need confirmation from volume and candlesticks to determine if the current downtrend can be broken.
Don't forget to like – follow – and share if you find it useful!”😁😁😁
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.
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.