Bitcoin (BTC/USDT) Analysis – Divergence and Bearish Setup
hello guys!
Divergence Between Price and RSI:
The chart shows a clear bearish divergence between price action and the Relative Strength Index (RSI).
Price made higher highs, while the RSI formed lower highs, signaling weakening bullish momentum and the potential for a reversal.
Price Action Analysis:
The price reached the QML2 zone (~$103,000), and there is a clear rejection, suggesting selling pressure.
The price is now heading toward QML1, located at around $95,600.
If the price breaks QML1 and holds below, the next support target is around $93,455, where further downside could be expected.
Support and Target Zones:
Support Area 1: QML1 (~$95,600) – key level to monitor for possible breakdown.
Support Area 2: QML2 (~$93,455) – potential next stop if QML1 breaks.
Resistance Zone: Around $103,000 – the price has been rejected from here, acting as a strong resistance level.
RSI Analysis:
The RSI is showing signs of bearish divergence, which often precedes a price correction or reversal.
RSI Below 50: If the RSI drops below the 50 mark, it could indicate increasing bearish momentum.
Trade Setup:
Bearish Setup:
Entry: Short position below $95,600 (if price breaks QML1 and retests it as resistance).
Take Profit: First target at $93,455, then possibly lower towards $91,000.
Conclusion:
Bearish Bias: The combination of price rejection at the upper resistance level and RSI divergence points to a potential price decline.
Key Levels to Watch: The immediate breakdown below $95,600 and subsequent test of $93,455 will be critical for further downside.
Divergence Between Price and RSI:
The chart shows a clear bearish divergence between price action and the Relative Strength Index (RSI).
Price made higher highs, while the RSI formed lower highs, signaling weakening bullish momentum and the potential for a reversal.
Price Action Analysis:
The price reached the QML2 zone (~$103,000), and there is a clear rejection, suggesting selling pressure.
The price is now heading toward QML1, located at around $95,600.
If the price breaks QML1 and holds below, the next support target is around $93,455, where further downside could be expected.
Support and Target Zones:
Support Area 1: QML1 (~$95,600) – key level to monitor for possible breakdown.
Support Area 2: QML2 (~$93,455) – potential next stop if QML1 breaks.
Resistance Zone: Around $103,000 – the price has been rejected from here, acting as a strong resistance level.
RSI Analysis:
The RSI is showing signs of bearish divergence, which often precedes a price correction or reversal.
RSI Below 50: If the RSI drops below the 50 mark, it could indicate increasing bearish momentum.
Trade Setup:
Bearish Setup:
Entry: Short position below $95,600 (if price breaks QML1 and retests it as resistance).
Take Profit: First target at $93,455, then possibly lower towards $91,000.
Conclusion:
Bearish Bias: The combination of price rejection at the upper resistance level and RSI divergence points to a potential price decline.
Key Levels to Watch: The immediate breakdown below $95,600 and subsequent test of $93,455 will be critical for further downside.
Trade active
it is in a hurry for lower levels!
Trade closed: target reached
the pointed area touched
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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.