Key Observations
1. Descending Channel Breakdown Slowing
Price was moving inside a clear bearish descending channel and recently started stabilizing near the lower boundary.
This suggests the selling momentum is weakening.
2. Strong Support Zone Around 77.6K–77.9K
The highlighted green zone is acting as a demand/support area.
Multiple candle rejections occurred here
Buyers defended the level several times
Price is attempting consolidation above support
This is the most important level on the chart right now.
3. Rounded Bottom Formation
The pink curved structure resembles a rounded bottom / accumulation pattern, often seen before short-term reversals.
This indicates:
sellers losing control
gradual buyer accumulation
possible momentum shift
4. Resistance / Target Zone
The marked target area near 80.5K–80.8K is the next major resistance.
A successful bounce could push price toward this supply zone.
Bullish Scenario
If BTC holds above support and breaks minor resistance around 79.2K:
momentum could accelerate upward
short covering may fuel the move
target becomes the 80.5K–80.8K zone
Potential move structure:
Support hold
Break consolidation
Retest
Expansion toward target
Bearish Risk
If support around 77.6K fails decisively:
bearish continuation becomes likely
price may revisit lower liquidity zones
descending trend structure remains intact
1. Descending Channel Breakdown Slowing
Price was moving inside a clear bearish descending channel and recently started stabilizing near the lower boundary.
This suggests the selling momentum is weakening.
2. Strong Support Zone Around 77.6K–77.9K
The highlighted green zone is acting as a demand/support area.
Multiple candle rejections occurred here
Buyers defended the level several times
Price is attempting consolidation above support
This is the most important level on the chart right now.
3. Rounded Bottom Formation
The pink curved structure resembles a rounded bottom / accumulation pattern, often seen before short-term reversals.
This indicates:
sellers losing control
gradual buyer accumulation
possible momentum shift
4. Resistance / Target Zone
The marked target area near 80.5K–80.8K is the next major resistance.
A successful bounce could push price toward this supply zone.
Bullish Scenario
If BTC holds above support and breaks minor resistance around 79.2K:
momentum could accelerate upward
short covering may fuel the move
target becomes the 80.5K–80.8K zone
Potential move structure:
Support hold
Break consolidation
Retest
Expansion toward target
Bearish Risk
If support around 77.6K fails decisively:
bearish continuation becomes likely
price may revisit lower liquidity zones
descending trend structure remains intact
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.
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.