Bitcoin (BTC/USDT) Bearish Breakdown: Potential Drop to $79,363
This chart represents the BTC/USDT (Bitcoin to Tether) trading pair on Binance, with a 1-hour timeframe.
Observations:
Bearish Structure:
The price has been forming lower highs and lower lows, indicating a downtrend.
A descending trendline is marked, showing the price rejection at key resistance levels.
Key Support & Resistance Levels:
Support is highlighted around $79,363 - $80,250, where buyers may step in.
Resistance is observed near $83,400 - $83,791, where the price was recently rejected.
Chart Patterns:
The price made a lower high at the recent peak (circled in orange).
The pattern suggests a potential double-top formation, reinforcing bearish sentiment.
Projected Movement:
A potential drop is illustrated with blue arrows, targeting the support zone near $79,363 - $80,250.
The stop-loss appears to be set around $83,400, above the recent high.
The risk-to-reward ratio favors a short position.
Conclusion:
The short-term trend remains bearish unless BTC breaks above the resistance zone.
If BTC fails to hold above the $82,500 level, it could drop to the $80,250 - $79,363 range.
Traders might consider shorting BTC with a stop-loss above $83,400.
Observations:
Bearish Structure:
The price has been forming lower highs and lower lows, indicating a downtrend.
A descending trendline is marked, showing the price rejection at key resistance levels.
Key Support & Resistance Levels:
Support is highlighted around $79,363 - $80,250, where buyers may step in.
Resistance is observed near $83,400 - $83,791, where the price was recently rejected.
Chart Patterns:
The price made a lower high at the recent peak (circled in orange).
The pattern suggests a potential double-top formation, reinforcing bearish sentiment.
Projected Movement:
A potential drop is illustrated with blue arrows, targeting the support zone near $79,363 - $80,250.
The stop-loss appears to be set around $83,400, above the recent high.
The risk-to-reward ratio favors a short position.
Conclusion:
The short-term trend remains bearish unless BTC breaks above the resistance zone.
If BTC fails to hold above the $82,500 level, it could drop to the $80,250 - $79,363 range.
Traders might consider shorting BTC with a stop-loss above $83,400.
Trade closed: stop reached
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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.
join telegram channel free..
t.me/forex_signal_dollarsman
Forex Gold & Crypto signals with detailed analysis & get consistent results..
t.me/forex_signal_dollarsman
Forex Gold & Crypto signals with detailed analysis & get consistent results..
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.