Bitcoin: Potential Bearish Breakdown with Key Support Zones
hello guys!
The chart suggests a Head and Shoulders pattern, indicating a possible bullish (in a higher time frame) continuation. Here are the key points:
Head and Neckline Structure
A well-defined head formation at the top, with a sloping trendline indicating weakness.
The neckline is around 97,657, which is a key support level.
QML2 & Price Rejection
The price could test the QML2 area, confirming bearish sentiment.
The descending trendline further reinforces selling pressure.
Expected Price Action
A short-term pullback might occur near 97,657, but a break below this level could trigger further downside.
The next major support is the QML1 zone at 93,455, where buyers may step in.
If selling pressure continues, the price could drop further into the 91,829 - 91,468 demand area.
Potential Reversal Scenario
If Bitcoin finds support at the lower QML1 or demand area, a strong bullish recovery toward 103,000+ could follow.
Overall, this setup suggests a short-term bearish continuation, but traders should monitor price action near key support zones for a potential bullish reversal.
The chart suggests a Head and Shoulders pattern, indicating a possible bullish (in a higher time frame) continuation. Here are the key points:
Head and Neckline Structure
A well-defined head formation at the top, with a sloping trendline indicating weakness.
The neckline is around 97,657, which is a key support level.
QML2 & Price Rejection
The price could test the QML2 area, confirming bearish sentiment.
The descending trendline further reinforces selling pressure.
Expected Price Action
A short-term pullback might occur near 97,657, but a break below this level could trigger further downside.
The next major support is the QML1 zone at 93,455, where buyers may step in.
If selling pressure continues, the price could drop further into the 91,829 - 91,468 demand area.
Potential Reversal Scenario
If Bitcoin finds support at the lower QML1 or demand area, a strong bullish recovery toward 103,000+ could follow.
Overall, this setup suggests a short-term bearish continuation, but traders should monitor price action near key support zones for a potential bullish reversal.
Trade closed: target reached
#btcusdt #bitcoin
the QML1 touched and the target of shorts was achieved!
now I am waiting for a strong confirmation to get longs
Note
These two candles are great for changing the trend!
but we should still wait!
Note
a possible move
Note
the next side hit too!
👉 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.