🔸 Formation: Triangle descending (descending)
• Upper trend line (orange) - inheritance, connects lower and lower peaks.
• Lower support line (red) - approx. 116,700 USD - key support, tested many times.
🔻 Support
USD 116,700
Tested several times, currently threatened
🔻 Another support
USD 114,669
Target level when struck with a triangle
🔼 Resistance
USD 118,321
The nearest resistance - the former level of support
🔼 Resistance
USD 119,931
Local peak
🔼 Strong resistance
USD 121,107
Upper level of structure
📉 STOCHASTIC RSI (lower indicator)
• Line cutting and a decrease in the purchase area (> 80) towards the center.
• No extreme sales signal, but the trend begins to be negative.
⸻
📌 Applications and possible scenarios:
🔻 Bearish script (more technically likely):
• If BTC breaks below USD 116,700 with a 4H candle closure, possible:
• a decrease around USD 114,669 (lower limit of the triangle)
• Even lower - around 113,500-112,000 USD with an increased volume
🔼 Bullly script (less likely but possible):
• needed quick breaking above USD 118,300 and maintaining above this level
• Then the goal will be USD 119,931, and then possible traffic up to USD 121.107
⸻
📍 Summary:
• We see classic triangle descending-pro-draft formation.
• Support 116,700 USD very close to breaking - if it falls, down movement can be dynamic.
• Stochastic RSI coincides with the deterioration of the moment.
• The inheritance scenario seems dominant, unless there is a strong demand and over 118,300 USD.
• Upper trend line (orange) - inheritance, connects lower and lower peaks.
• Lower support line (red) - approx. 116,700 USD - key support, tested many times.
🔻 Support
USD 116,700
Tested several times, currently threatened
🔻 Another support
USD 114,669
Target level when struck with a triangle
🔼 Resistance
USD 118,321
The nearest resistance - the former level of support
🔼 Resistance
USD 119,931
Local peak
🔼 Strong resistance
USD 121,107
Upper level of structure
📉 STOCHASTIC RSI (lower indicator)
• Line cutting and a decrease in the purchase area (> 80) towards the center.
• No extreme sales signal, but the trend begins to be negative.
⸻
📌 Applications and possible scenarios:
🔻 Bearish script (more technically likely):
• If BTC breaks below USD 116,700 with a 4H candle closure, possible:
• a decrease around USD 114,669 (lower limit of the triangle)
• Even lower - around 113,500-112,000 USD with an increased volume
🔼 Bullly script (less likely but possible):
• needed quick breaking above USD 118,300 and maintaining above this level
• Then the goal will be USD 119,931, and then possible traffic up to USD 121.107
⸻
📍 Summary:
• We see classic triangle descending-pro-draft formation.
• Support 116,700 USD very close to breaking - if it falls, down movement can be dynamic.
• Stochastic RSI coincides with the deterioration of the moment.
• The inheritance scenario seems dominant, unless there is a strong demand and over 118,300 USD.
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.