In the 4 hour time frame, $BTC has started to form another descending triangle similar to the pattern that formed around the $75,000 mark.
Support level has been breached, and the price action has moved below that region. Thus, bears will be in control until the bulls retake the resistance levels with convincing confirmation.
📈 Levels to watch
* Major Resistance: $65,770
* Resistance Level: $63,670
* Current Support: $58,200
* Major Swing Support: $49,000
* Major Swing Resistance:$74,000-$76,000
As soon as the breach of $58,200 is confirmed and price falls further below that mark, I will simply stay patient until BTC drops down to the $49,000 mark—or even lower—for a possible swing trade entry.
With the weekend coming soon, patience will be crucial since I would like to wait and see how the market behaves on Monday. It seems that $BTC might close this week with one of its weakest candles since September 2024 due to persistent selling pressure.
Alternatively, if $BTC reclaims $65,770 and closes above it with convincing momentum, the probability of a rally towards $70,000+ becomes highly likely.
If such a rally develops, I will start seeking out a possible short position around the $74,000-$76,000 resistance zone, but it will all depend on whether the market gives me such an opportunity.