š Bitcoin (BTCUSDT) Technical Analysis
1. Trend Direction
The chart clearly shows:
- A strong downtrend, confirmed by:
- A series of lower highs and lower lows.
- A descending trendline (blue) that price has respected multiple times.
- Price repeatedly rejecting the trendline and falling.
This indicates that sellers are still in control.
2. Key Levels on the Chart
Support Zones
- A major support zone is shown near the lower purple rectangle.
This is where price most recently bounced.
Resistance Zones
- Multiple purple and blue resistance zones are shown above current price.
- The main resistance cluster is where:
- The descending trendline meets
- A supply zone (red rectangle)
This is likely where sellers will appear again if price pulls back.
3. Price Action Behavior
- Bitcoin made a temporary bounce from the support zone.
- However, this bounce happened inside a larger bearish structure, meaning it may be just a corrective move.
- The drawn arrow on your chart suggests:
- Price may retest the trendline + supply zone
- And then continue downward
This is a typical pattern in downtrends known as a bearish retracement before continuation.
4. EMA Signals
The chart shows several EMAs:
- Price is below all EMAs, which is bearish.
- EMAs are sloping downward, confirming momentum is still down.
- The bounce is currently testing the EMAs from below ā often a place where price gets rejected in a bearish trend.
5. Likely Next Move Based on the Chart
Your markup suggests a scenario that matches the chart structure:
Bearish Scenario (Most Likely)
ā Price pulls back to the trendline or supply zone
ā Rejects from that area
ā Continues lower toward the recent support zone
This aligns with:
- Downtrend structure
- Supply zone
- Trendline resistance
- EMA resistance
6. Summary
Overall bias: Bearish
Bitcoin is still in a downtrend. The current upward move looks like a retracement, not a reversal. The chart suggests price may move up slightly into resistance and then resume downward movement.
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