Hello everyone,
Bitcoin (BTCUSD) continues to trade within a clear bearish channel on the 6H timeframe. The market has respected both the upper and lower boundaries of this channel multiple times, forming a structured downtrend.
Currently, price is hovering around the support level near 108,000 – 109,000, which has acted as a demand zone in the past. We can also notice several CHoCH (Change of Character) and BOS (Break of Structure) confirmations, showing that bulls are attempting to defend this key level.
📌 Key observations:
Bitcoin remains inside the bearish channel, with lower highs and lower lows intact.
Strong support area is visible between 106,500 – 108,500.
A rebound from this zone could lead to a move toward 112,000 – 115,000 (channel resistance).
However, a decisive breakdown below 106,000 could accelerate bearish pressure toward 104,000 and beyond.
📊 Possible Scenarios:
✅ Bullish case: Bounce from support → potential climb toward upper channel resistance around 115,000+.
❌ Bearish case: Break below support → continuation of bearish channel toward 104,000.
This is a make-or-break zone for Bitcoin in the short term. Traders should wait for confirmation before entering positions.
This analysis is for educational purposes only and not financial advice. Always use proper risk management and trade responsibly.
Bitcoin (BTCUSD) continues to trade within a clear bearish channel on the 6H timeframe. The market has respected both the upper and lower boundaries of this channel multiple times, forming a structured downtrend.
Currently, price is hovering around the support level near 108,000 – 109,000, which has acted as a demand zone in the past. We can also notice several CHoCH (Change of Character) and BOS (Break of Structure) confirmations, showing that bulls are attempting to defend this key level.
📌 Key observations:
Bitcoin remains inside the bearish channel, with lower highs and lower lows intact.
Strong support area is visible between 106,500 – 108,500.
A rebound from this zone could lead to a move toward 112,000 – 115,000 (channel resistance).
However, a decisive breakdown below 106,000 could accelerate bearish pressure toward 104,000 and beyond.
📊 Possible Scenarios:
✅ Bullish case: Bounce from support → potential climb toward upper channel resistance around 115,000+.
❌ Bearish case: Break below support → continuation of bearish channel toward 104,000.
This is a make-or-break zone for Bitcoin in the short term. Traders should wait for confirmation before entering positions.
This analysis is for educational purposes only and not financial advice. Always use proper risk management and trade responsibly.
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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.