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1-BTC broke the ascending channel
Bitcoin was moving inside an ascending channel, creating higher highs and higher lows.
Recently, it broke below the lower trendline of this channel, signaling weakness and a potential shift in momentum from bullish to bearish.
2-Engulfed the last low
After breaking the channel, BTC formed a strong bearish candle that engulfed the previous swing low.
This indicates that sellers are now in control, confirming bearish pressure in the market.
3-Current bias: Bearish with possible short entries
Despite the bearish sentiment, BTC may retest previous supply zones before continuing lower.
Two possible short entry scenarios are highlighted:
4-Target
The downside target is around 115,800 USDT.
This zone coincides with previous demand/support, making it a logical area where price might find buyers again.
1-BTC broke the ascending channel
Bitcoin was moving inside an ascending channel, creating higher highs and higher lows.
Recently, it broke below the lower trendline of this channel, signaling weakness and a potential shift in momentum from bullish to bearish.
2-Engulfed the last low
After breaking the channel, BTC formed a strong bearish candle that engulfed the previous swing low.
This indicates that sellers are now in control, confirming bearish pressure in the market.
3-Current bias: Bearish with possible short entries
Despite the bearish sentiment, BTC may retest previous supply zones before continuing lower.
Two possible short entry scenarios are highlighted:
- Scenario 1: Near 118,600 USDT
- Scenario 2: Around 119,700 USDT
- Both levels align with potential retracement areas where sellers could step back in.
4-Target
The downside target is around 115,800 USDT.
This zone coincides with previous demand/support, making it a logical area where price might find buyers again.
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.