Bitcoin is currently trading within a well-defined symmetrical triangle on the 4H timeframe, showing tightening price action between lower highs and rising support. The price is compressing just under the triangle resistance (~104.4K) and approaching a key decision point.
Key Technical Observations:
• Structure: Symmetrical triangle
• Support: ~100,762 (also aligns with 55 SMA on higher timeframe)
• Resistance: Descending trendline capped at ~104,400
• RSI: Sitting at 51.26, indicating indecision
• Volume: Modest increase, not yet showing breakout conviction
• 0.5 Fib retracement level lies at 99,585, potential first support on breakdown
What I’m Watching For:
• A 4H or preferably daily candle close below ~100,762
• RSI dropping below 40 to confirm bearish momentum
• Volume spike to validate breakout strength
If Confirmed Breakdown:
• TP1: 99,585
• TP2: 98,000 zone
• SL: High of breakdown candle or above prior structure highs (~104K)
• Bearish momentum needs to be strong to avoid false breakdown traps
This is not a trade yet—just a technical setup in play. Watching for confirmation before engaging.
Time to stay patient.
Key Technical Observations:
• Structure: Symmetrical triangle
• Support: ~100,762 (also aligns with 55 SMA on higher timeframe)
• Resistance: Descending trendline capped at ~104,400
• RSI: Sitting at 51.26, indicating indecision
• Volume: Modest increase, not yet showing breakout conviction
• 0.5 Fib retracement level lies at 99,585, potential first support on breakdown
What I’m Watching For:
• A 4H or preferably daily candle close below ~100,762
• RSI dropping below 40 to confirm bearish momentum
• Volume spike to validate breakout strength
If Confirmed Breakdown:
• TP1: 99,585
• TP2: 98,000 zone
• SL: High of breakdown candle or above prior structure highs (~104K)
• Bearish momentum needs to be strong to avoid false breakdown traps
This is not a trade yet—just a technical setup in play. Watching for confirmation before engaging.
Time to stay patient.
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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.
Protect your Bitcoin investment with our realtime alerts and fully automate your trading. No more sleepless nights, black swans, rug pulls, whale pump & dumps or getting sidelined.
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.