Key Observations:
Resistance Zone (~95,963 - 97,880 USDT)
Price previously rejected this zone.
The red highlighted area with a downward arrow suggests a potential short setup.
Support Levels:
91,414 USDT (current resistance-turned-support level).
80,223 USDT (next major support).
72,848 USDT (critical lower support).
200-Week Moving Average (Red Line)
Currently acting as dynamic support.
If price breaks below, it signals a strong bearish trend.
RSI Indicator (Bottom of Chart)
Shows bearish divergence.
The "Bear" label suggests momentum weakness.
Bearish Scenario:
If BTC fails to break above resistance (~91,414 - 97,880 USDT) and forms a lower high, it could lead to a downtrend.
A breakdown below the ascending trendline could trigger a move toward 80,223 USDT, the next significant support.
If BTC loses 80,223 USDT, then 72,848 USDT (previous demand zone) could be tested.
A bearish RSI structure further confirms a weakening trend.
Final Thoughts:
If BTC fails to sustain above 91,414 USDT, a rejection could trigger selling pressure.
A break below the trendline and 200-week MA could accelerate the downtrend.
Bullish invalidation happens if BTC closes above 97,880 USDT, breaking resistance.
Resistance Zone (~95,963 - 97,880 USDT)
Price previously rejected this zone.
The red highlighted area with a downward arrow suggests a potential short setup.
Support Levels:
91,414 USDT (current resistance-turned-support level).
80,223 USDT (next major support).
72,848 USDT (critical lower support).
200-Week Moving Average (Red Line)
Currently acting as dynamic support.
If price breaks below, it signals a strong bearish trend.
RSI Indicator (Bottom of Chart)
Shows bearish divergence.
The "Bear" label suggests momentum weakness.
Bearish Scenario:
If BTC fails to break above resistance (~91,414 - 97,880 USDT) and forms a lower high, it could lead to a downtrend.
A breakdown below the ascending trendline could trigger a move toward 80,223 USDT, the next significant support.
If BTC loses 80,223 USDT, then 72,848 USDT (previous demand zone) could be tested.
A bearish RSI structure further confirms a weakening trend.
Final Thoughts:
If BTC fails to sustain above 91,414 USDT, a rejection could trigger selling pressure.
A break below the trendline and 200-week MA could accelerate the downtrend.
Bullish invalidation happens if BTC closes above 97,880 USDT, breaking resistance.
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.