Bitcoin - Interesting Price Action in 1 HTFTRADERS AND INVESTORS,
The Bitcoin chart presents an interesting setup on the 1-hour timeframe (1 HTF). Here's a breakdown of recent price action:
Initial Resistance & Downtrend : Bitcoin's chart indicated potential trend changes, with significant selling pressure at the $106,000 mark establishing a clear resistance level.
Downtrend Confirmation & Support : This was followed by a series of lower highs, confirming a downtrend. Subsequently, Bitcoin found support and bounced from the $98,000 level.
Potential Reversal Signal : The recent upward movement cleared sellers' stop-losses, which could be an early indication of a potential trend reversal.
WHAT MIGHT HAPPEN NEXT?
Currently, Bitcoin is re-testing the crucial $106,000 resistance level.
Bullish Scenario : A confirmed breakout and sustained move above $106,000 could signal the continuation of an uptrend.
Bearish Scenario : Conversely, a strong rejection from this level might lead to a decline, potentially targeting the $101,000 support.
Current Stance : At present, this area appears to be a no-trade zone due to the indecisive price action.
Disclaimer : This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.
