🚨 $BTC Bearish Consolidation
Price has rejected from the 24h high near 79128 and is now testing the 24h low and the Bollinger lower band.
The market structure on the 4h chart shows a series of lower highs and lower lows recently, confirming the short-term downtrend. The price is currently trapped between the strong support at ~76400 and the resistance cluster formed by the MAs and the Bollinger middle band (~77600).
Confluence of price below key MAs, bearish MACD, massive contract capital outflows, and weak volume on bounces supports further downside. However, the deeply oversold KDJ and price at the Bollinger lower band warn of a potential short-term bounce or consolidation.
Entry Short $BTC : resistance zone 77500-78000 USDT
• Aggressive entry could be on a break below 76400 USDT (key support & Bollinger lower band), confirming continuation of the downtrend.
Stop-Loss: For a short entry near 77750, set stop-loss at 79200 USDT (above the recent swing high). For a break-below entry at 76300, set stop-loss at 77400 USDT (above the breakdown point)
Target Price $BTC : 75700-74700 USDT
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