Hello Traders! 👋
What are your thoughts on BITCOIN ?
Bitcoin is currently trading inside a descending channel on the daily timeframe, indicating that the broader market structure remains bearish in the medium term.
After breaking below the major support around $79,000 – $80,000, price entered a corrective phase and is now approaching a key resistance zone that also aligns with important Fibonacci retracement levels.
The $79,000 – $82,000 area represents a strong resistance zone. This zone previously acted as support and may now serve as resistance.
Additionally, this zone aligns closely with the 0.5 Fibonacci retracement level, increasing the probability of a bearish reaction.
Potential Market Scenario
If price reaches this zone and shows signs of rejection or weakening bullish momentum, the market may experience a bearish rejection, continuing the broader downtrend within the channel.
Alternative Bullish Scenario (Invalidation)
If price manages to break and hold above $82,000 and push above the upper boundary of the descending channel, the bearish outlook would weaken and a potential trend reversal could develop.
As long as price remains below the supply zone and the upper boundary of the descending channel, the dominant scenario favors a bearish continuation after a pullback into resistance.
Please don’t forget to like and share your thoughts in the comments! ❤️
What are your thoughts on BITCOIN ?
Bitcoin is currently trading inside a descending channel on the daily timeframe, indicating that the broader market structure remains bearish in the medium term.
After breaking below the major support around $79,000 – $80,000, price entered a corrective phase and is now approaching a key resistance zone that also aligns with important Fibonacci retracement levels.
The $79,000 – $82,000 area represents a strong resistance zone. This zone previously acted as support and may now serve as resistance.
Additionally, this zone aligns closely with the 0.5 Fibonacci retracement level, increasing the probability of a bearish reaction.
Potential Market Scenario
If price reaches this zone and shows signs of rejection or weakening bullish momentum, the market may experience a bearish rejection, continuing the broader downtrend within the channel.
Alternative Bullish Scenario (Invalidation)
If price manages to break and hold above $82,000 and push above the upper boundary of the descending channel, the bearish outlook would weaken and a potential trend reversal could develop.
As long as price remains below the supply zone and the upper boundary of the descending channel, the dominant scenario favors a bearish continuation after a pullback into resistance.
Please don’t forget to like and share your thoughts in the comments! ❤️
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✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.