Bitcoin (BTC/USDT) 2H Analysis – Potential Reversal Towards Key
This is a Bitcoin (BTC/USDT) 2-hour chart from Binance on TradingView,
Key Observations:
Support Zone (Red Box at ~$76,000 - $77,000):
The price recently dropped into this highlighted demand area and bounced back, indicating strong buying interest.
Potential Reversal Pattern (Inverse Head & Shoulders or Double Bottom-like Formation):
The price formed a sharp V-shape recovery after hitting support.
The expected move (blue arrows) suggests a continuation upwards towards the $85,500 - $86,000 resistance zone.
Resistance Zone (Purple Box around ~$85,000 - $86,000):
Previous breakdown level, now acting as a potential supply zone.
The price might face selling pressure upon reaching this area.
Volume Analysis:
The recent dip was accompanied by increased trading volume, indicating potential accumulation at lower levels.
A strong bullish confirmation would require a breakout above $86,000 with higher volume.
Conclusion:
Bullish Scenario: If the price holds above the current support level and breaks above $86,000, it could signal further upside momentum.
Bearish Scenario: A failure to hold the $76,000 - $77,000 support level might lead to further downside, potentially testing lower levels around $74,000.
Key Observations:
Support Zone (Red Box at ~$76,000 - $77,000):
The price recently dropped into this highlighted demand area and bounced back, indicating strong buying interest.
Potential Reversal Pattern (Inverse Head & Shoulders or Double Bottom-like Formation):
The price formed a sharp V-shape recovery after hitting support.
The expected move (blue arrows) suggests a continuation upwards towards the $85,500 - $86,000 resistance zone.
Resistance Zone (Purple Box around ~$85,000 - $86,000):
Previous breakdown level, now acting as a potential supply zone.
The price might face selling pressure upon reaching this area.
Volume Analysis:
The recent dip was accompanied by increased trading volume, indicating potential accumulation at lower levels.
A strong bullish confirmation would require a breakout above $86,000 with higher volume.
Conclusion:
Bullish Scenario: If the price holds above the current support level and breaks above $86,000, it could signal further upside momentum.
Bearish Scenario: A failure to hold the $76,000 - $77,000 support level might lead to further downside, potentially testing lower levels around $74,000.
Trade active
Support Zone: ~$76,000 - $77,000 (Strong demand area, recent bounce)
Resistance Zone: ~$85,000 - $86,000 (Previous breakdown level, potential selling pressure)
Pattern Formation: Possible inverse head & shoulders / double bottom
Expected Move: Bullish continuation towards resistance if support holds
Volume Analysis: Increased buying volume at lows, needs confirmation on breakout
Key Levels to Watch:
Bullish Breakout: Above $86,000 for further upside
Bearish Breakdown: Below $76,000 could lead to lower levels (~$74,000)
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join telegram channel free..
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Forex Gold & Crypto signals with detailed analysis & get consistent results..
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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.