This multi-timeframe analysis for BTC/USD highlights a significant bearish breakdown from prior support levels and a rising trendline. Price has entered and is currently consolidating within a major demand zone around 116,675 - 118,828.8. The analysis focuses on the current price action at this critical support, looking for either a confirmed bounce for a retest of broken resistance, or a decisive breakdown for further downside. Key observations include the strong bearish impulse, the breakdown of a long-term trendline, and the current consolidation at a multi-timeframe demand area. The upcoming 4-hour candle close/open at 16:30 (after 4hr) is a critical time for potential volatility and confirmation of direction.
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.