Bitcoin has broken down from its descending channel on the 4H chart after repeated rejection from the upper trendline. Price is now hovering near key support at $111,785.
Key Technicals:
Rejection from the descending trendline resistance
Breakdown of the mini-channel structure
Current price: $113,637
Support levels:
$111,785 (Immediate)
$106,057
$101,409
$98,398
Bearish continuation is likely if $111,785 breaks with volume
If the $111.7k zone fails to hold, BTC could see further downside toward $106k and even $98k in the coming sessions.
Invalidation: Bullish only on reclaim of $117K+ with strength.
DYOR | Not Financial Advice
Key Technicals:
Rejection from the descending trendline resistance
Breakdown of the mini-channel structure
Current price: $113,637
Support levels:
$111,785 (Immediate)
$106,057
$101,409
$98,398
Bearish continuation is likely if $111,785 breaks with volume
If the $111.7k zone fails to hold, BTC could see further downside toward $106k and even $98k in the coming sessions.
Invalidation: Bullish only on reclaim of $117K+ with strength.
DYOR | Not Financial Advice
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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.
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.