Looking at the Bitcoin/TetherUS chart from TradingView dated May 3, 2025, I can see a clear short-term bearish trend forming with several notable technical patterns.
The price is currently around $96,158.01, showing a decline of -0.17% with a volume drop of -0.75%. Let me correct my analysis for a short position:
KEY Technical Observations
- A descending channel has formed after rejection from the $97,200 resistance level
- Price is breaking down from a consolidation area around $96,327-$96,419
- The green shaded area indicates a projected downward movement targeting $95,349.80
- Consecutive red candles with increasing body size suggest accelerating bearish momentum
Trading Opportunity - SHORT POSITION
This setup presents a bearish continuation pattern with the following take-profit targets:
- TP1: $95,800 (initial target within the projection)
- TP2: $95,350 (projected bottom as indicated by the green zone)
- TP3: $95,200 (key horizontal support line)
Entry point for shorts would be on any retest of the $96,327 resistance (previous support now turned resistance).
Creative Strategy: The Emerald Descent
The green projection zone appears to be forecasting a controlled drop toward the $95,200-$95,350 area. This well-defined bearish channel presents an opportunity to ride the momentum down to these targets.
Set a stop loss above $96,600 to protect against unexpected upside movements.
The declining volume (-0.75%) suggests this move is a continuation rather than a panic sell, making it a more predictable technical play rather than an emotional reaction.
Trade closed: target reached
TP done 
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.
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.