Bitcoin faced strong resistance near the 61.8% Fibonacci retracement level (~116,400), aligning perfectly with a descending trendline from the previous highs — a classic confluence zone for a rejection.
🔻 Price formed a rejection wick and is now trading below that key zone, suggesting potential bearish pressure unless bulls reclaim and sustain above 116.4K.
📌 Key Levels:
Resistance: 116,400 (61.8% Fib + Trendline)
Immediate Support Zone: 115,250–114,500
Deeper Demand Zone: 113,250–113,000
💡 Watch how price reacts at the mid-support zone (115k). If broken, BTC could revisit the deep demand zone. Bulls must reclaim 116.4K for further upside continuation.
⚔️ Structure: Lower High in play
⏳ Timeframe: 1H
🛑 Bias: Short-term Bearish unless breakout confirmed above 116.4K
#Bitcoin #BTC #BTCUSD #CryptoTrading #TechnicalAnalysis #TradingView #PriceAction #Fibonacci #SupportResistance #BearishRejection #CryptoIndia #BitcoinAnalysis #BTCUpdate
🔻 Price formed a rejection wick and is now trading below that key zone, suggesting potential bearish pressure unless bulls reclaim and sustain above 116.4K.
📌 Key Levels:
Resistance: 116,400 (61.8% Fib + Trendline)
Immediate Support Zone: 115,250–114,500
Deeper Demand Zone: 113,250–113,000
💡 Watch how price reacts at the mid-support zone (115k). If broken, BTC could revisit the deep demand zone. Bulls must reclaim 116.4K for further upside continuation.
⚔️ Structure: Lower High in play
⏳ Timeframe: 1H
🛑 Bias: Short-term Bearish unless breakout confirmed above 116.4K
#Bitcoin #BTC #BTCUSD #CryptoTrading #TechnicalAnalysis #TradingView #PriceAction #Fibonacci #SupportResistance #BearishRejection #CryptoIndia #BitcoinAnalysis #BTCUpdate
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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.