(BTC/USD) Analysis on 1-Hour TimeframeThe chart shows BTC/USD on a 1-hour timeframe, where we can observe a descending trendline acting as a key resistance level. Here’s a breakdown of the key technical aspects and potential scenarios:
Current Price Structure:
Bitcoin is trading below the 68,000 USD level, showing signs of a bearish momentum, especially after failing to hold above the recent support zones.
The price has broken down from the Ichimoku cloud, signaling a bearish bias as it attempts to consolidate near the lower trendline of the descending channel.
Support Zone: Key support is expected around 67,580 USD, which aligns with the lower bound of the descending channel. If this level holds, we could see a potential reversal.
Tp1 (68,372) - This level aligns with the previous consolidation zone and represents a minor resistance point.
Tp2 (69,325) - A stronger resistance level, as it coincides with the previous swing high. Breaking this level could indicate the start of a stronger bullish trend.
Tp3 (71,333) - Major resistance and a potential target for bulls if they regain momentum.
RSI: The RSI is moving around the lower range, suggesting oversold conditions. A reversal from this zone could indicate a short-term bullish bounce.
MACD: The MACD is bearish, with the signal line crossing below the MACD line, further supporting the current downward pressure.
Ichimoku Cloud: The price remains below the Ichimoku cloud, indicating a bearish trend. A break above the cloud in the future could signal a reversal.
Price Projections:
Bearish Scenario: If BTC fails to hold above the 67,580 USD support, it could test lower levels around 66,000 USD, with the potential to reach 65,000 USD if bearish momentum intensifies.
Bullish Scenario: If BTC bounces from the current support and breaks above the descending trendline, it could rally towards Tp1 (68,372 USD), then Tp2 (69,325 USD), and potentially reach Tp3 (71,333 USD), contingent on sufficient bullish volume.
Trade Setup:
Buy Entry: Consider entering around the support area of 67,580 USD, with stops below the 66,000 USD mark. Targets could be set at Tp1, Tp2, and Tp3 for a staggered take-profit approach.
Sell Entry: If the price breaks below 67,580 USD, short entries could be considered, aiming for lower targets at the next key support levels.
Conclusion: Bitcoin's current structure indicates a bearish bias with potential for a reversal if it can hold above the 67,580 USD support. However, a break below this level could signal further downside. Watch for a break above the descending trendline to confirm a bullish trend shift.
