Hi Teams!
Bitcoin has recently completed a three-drive pattern while also showing a clear bearish divergence on the RSI. This confluence has led to a strong rejection from the third drive area, confirming short-term weakness.
The three-drive trendline was broken last night, signaling that the bullish momentum has temporarily cooled down. However, as long as $97,900 remains unbroken, the bullish structure can still hold.
Here’s the current plan:
Key support zone: $108,600; this looks like a good potential long entry area if the price stabilizes and shows confirmation.
Upside target: around $118,045, which also aligns with the previous swing high.
Invalidation: if the price breaks below $97,900, the setup turns bearish, and we can expect deeper retracements toward the $86,500–$88,000 region.
In short, BTC is at a critical decision point, holding above $97,900 keeps the bullish structure intact, but a breakdown below that level could shift the market sentiment sharply bearish.
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
Bitcoin has recently completed a three-drive pattern while also showing a clear bearish divergence on the RSI. This confluence has led to a strong rejection from the third drive area, confirming short-term weakness.
The three-drive trendline was broken last night, signaling that the bullish momentum has temporarily cooled down. However, as long as $97,900 remains unbroken, the bullish structure can still hold.
Here’s the current plan:
Key support zone: $108,600; this looks like a good potential long entry area if the price stabilizes and shows confirmation.
Upside target: around $118,045, which also aligns with the previous swing high.
Invalidation: if the price breaks below $97,900, the setup turns bearish, and we can expect deeper retracements toward the $86,500–$88,000 region.
In short, BTC is at a critical decision point, holding above $97,900 keeps the bullish structure intact, but a breakdown below that level could shift the market sentiment sharply bearish.
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
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🟢 Telegram channel: t.me/melikatrader94
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avatrade.com/trading-account?p=Webtrader&tag=220256
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🟢 Telegram channel: t.me/melikatrader94
🔴 Forex channel: t.me/melikatrader94GoldForex
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.