Others/BTC: Bearish Continuation 2024
"In this weekly chart of Others/BTC, I’m analyzing a possible continuation of the downtrend. Over the past few months, Others/BTC has followed a pattern of sharp declines followed by brief recoveries. The highlighted areas show previous 60% drops, marked by the yellow downtrend line and blue retracement boxes. Currently, the asset seems to be repeating a similar structure, where it rejected a key resistance level, as indicated by the white arrow.
I expect a bearish continuation toward the lower support region, which could result in another 60% decline from current levels. The long-term Bear Market Support Band has also served as a key resistance during this period. Unless we see a strong break above this band, a drop to the 0.06 level seems plausible.
Key Targets:
Profit target: 0.06 (as indicated by the bottom of the previous cycle)
Stop loss: 0.25, just above the Bear Market Support Band, in case of a breakout.
This setup is based on historical price action and resistance points, so close monitoring is required. Be cautious of any sudden shifts in momentum as the market remains volatile.
I expect a bearish continuation toward the lower support region, which could result in another 60% decline from current levels. The long-term Bear Market Support Band has also served as a key resistance during this period. Unless we see a strong break above this band, a drop to the 0.06 level seems plausible.
Key Targets:
Profit target: 0.06 (as indicated by the bottom of the previous cycle)
Stop loss: 0.25, just above the Bear Market Support Band, in case of a breakout.
This setup is based on historical price action and resistance points, so close monitoring is required. Be cautious of any sudden shifts in momentum as the market remains volatile.
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.