Bitcoin (BTC/USDT) 2-Hour Chart Analysis – Potential Reversal at Key Support
1. Chart Pattern Analysis:
The chart illustrates a double-top formation, which is a bearish reversal pattern.
The price failed to break above $94,000 twice, leading to a strong decline.
The red curved line suggests a rounded top pattern, reinforcing the downtrend.
Price has now reached key support around $78,000, marked by a red arrow.
2. Key Support & Resistance Levels:
Resistance: Around $92,000 - $94,000 (previous double-top highs).
Support: Near $78,000 (tested multiple times as a demand zone).
3. Volume & Market Behavior:
A significant spike in volume at the support zone indicates potential buying interest.
If buyers step in, a bounce from this level is likely.
A break below $78,000 could lead to further downside.
4. Trade Scenarios:
✅ Bullish Reversal Scenario:
Price bounces from $78,000, forming a potential W-bottom pattern.
Confirmation needed if price reclaims $81,000-$82,000.
Possible upside target: $85,000-$88,000.
❌ Bearish Breakdown Scenario:
If BTC breaks below $78,000, the next support is around $75,000-$72,000.
High volume selling could accelerate the decline.
5. Indicators & Confirmation:
Parabolic SAR: Dotted red lines above price indicate bearish momentum.
Watch RSI & MACD: If oversold conditions appear, a reversal is more likely.
Conclusion:
Bias: Neutral-to-Bullish (if support holds), Bearish (if broken).
Trade Plan: Wait for confirmation above $81,000 for a long position.
Stop Loss: Below $77,500 to minimize risk.
Target: $85,000 - $88,000 on a rebound.
1. Chart Pattern Analysis:
The chart illustrates a double-top formation, which is a bearish reversal pattern.
The price failed to break above $94,000 twice, leading to a strong decline.
The red curved line suggests a rounded top pattern, reinforcing the downtrend.
Price has now reached key support around $78,000, marked by a red arrow.
2. Key Support & Resistance Levels:
Resistance: Around $92,000 - $94,000 (previous double-top highs).
Support: Near $78,000 (tested multiple times as a demand zone).
3. Volume & Market Behavior:
A significant spike in volume at the support zone indicates potential buying interest.
If buyers step in, a bounce from this level is likely.
A break below $78,000 could lead to further downside.
4. Trade Scenarios:
✅ Bullish Reversal Scenario:
Price bounces from $78,000, forming a potential W-bottom pattern.
Confirmation needed if price reclaims $81,000-$82,000.
Possible upside target: $85,000-$88,000.
❌ Bearish Breakdown Scenario:
If BTC breaks below $78,000, the next support is around $75,000-$72,000.
High volume selling could accelerate the decline.
5. Indicators & Confirmation:
Parabolic SAR: Dotted red lines above price indicate bearish momentum.
Watch RSI & MACD: If oversold conditions appear, a reversal is more likely.
Conclusion:
Bias: Neutral-to-Bullish (if support holds), Bearish (if broken).
Trade Plan: Wait for confirmation above $81,000 for a long position.
Stop Loss: Below $77,500 to minimize risk.
Target: $85,000 - $88,000 on a rebound.
Trade active
Double-top formation signals a potential bearish reversal.Key support at $78,000 – price reacting at this level.
Volume spike suggests possible buying interest.
Bullish scenario: If price holds support, a rebound towards $85,000-$88,000 is possible.
Bearish scenario: A break below $78,000 could lead to further downside towards $75,000-$72,000.
Confirmation needed before entering a trade – watch for price action and indicators.
Note
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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.