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.