Chart Breakdown:
1. Resistance Zone:
Around $106,000 – $106,500.
Price has failed to break above this area multiple times, forming a short-term double top pattern.
2. Support Zones / Targets:
First target zone: $102,000 – $101,500
Price is approaching this area, which may provide a short-term bounce.
Second target zone: $99,000 – $99,500
Stronger support; previously acted as a key reversal level.
3. Price Structure:
After a strong upward rally, BTC is now forming lower highs and lower lows, signaling a retracement phase.
The pattern suggests that BTC might test the first target zone, attempt a small bullish correction, and if it fails to break higher, drop further toward the $99K support.
4. Indicators (visually implied):
Momentum weakening near the resistance.
Price still within a corrective downtrend after breaking the smaller bullish channel.
Outlook / Scenarios:
Bearish Scenario (Primary):
If BTC fails to sustain above $102,000, expect further downside toward the $99,000 zone, where strong buying pressure could emerge.
Bullish Scenario (Alternative):
If BTC holds the $102,000–$101,500 area and forms a higher low, a rebound back toward $104,000–$105,000 could occur before facing resistance again.
🔹 Trend Bias: Short-term bearish within an overall bullish structure.
🔹 Key Support: $101,500 and $99,000
🔹 Key Resistance: $106,000
🔹 Next Move: Watch for price reaction at $102,000 — a bounce may offer a short-term long setup, but a breakdown targets the $99K zone.
1. Resistance Zone:
Around $106,000 – $106,500.
Price has failed to break above this area multiple times, forming a short-term double top pattern.
2. Support Zones / Targets:
First target zone: $102,000 – $101,500
Price is approaching this area, which may provide a short-term bounce.
Second target zone: $99,000 – $99,500
Stronger support; previously acted as a key reversal level.
3. Price Structure:
After a strong upward rally, BTC is now forming lower highs and lower lows, signaling a retracement phase.
The pattern suggests that BTC might test the first target zone, attempt a small bullish correction, and if it fails to break higher, drop further toward the $99K support.
4. Indicators (visually implied):
Momentum weakening near the resistance.
Price still within a corrective downtrend after breaking the smaller bullish channel.
Outlook / Scenarios:
Bearish Scenario (Primary):
If BTC fails to sustain above $102,000, expect further downside toward the $99,000 zone, where strong buying pressure could emerge.
Bullish Scenario (Alternative):
If BTC holds the $102,000–$101,500 area and forms a higher low, a rebound back toward $104,000–$105,000 could occur before facing resistance again.
🔹 Trend Bias: Short-term bearish within an overall bullish structure.
🔹 Key Support: $101,500 and $99,000
🔹 Key Resistance: $106,000
🔹 Next Move: Watch for price reaction at $102,000 — a bounce may offer a short-term long setup, but a breakdown targets the $99K zone.
Trade active
bitcoin moved back in downtrend to decrease its price to the 109000as i mention in my analysis about my 1st target.now keep hopes for final target completion.
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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.