First of all, save this 4H chart if anyone is looking for a perfect entry.
Now, time for the $BTC update.
In my view, the chart is bearish. Honestly, I'm looking for $85,000, and once the $89,000 zone breaks, we could even see levels slightly below $85K.
Here’s why I think this:
1. 4H Timeframe:
The 4H TF is forming a bearish pattern and a bearish flag. Selling pressure is clearly visible, and the bearish candles are stronger than the bullish ones. If we focus on this zone, it has been a long-term resistance area.
2. Weekly Timeframe:
The weekly TF also looks bearish according to Fibonacci levels. The market did take a bounce near the support zone, but as I said earlier, the candles are weak—it looks more like a bearish retest. If we observe the last few days, the round-trip wick from 92K to 89K caused a lot of liquidation, which to me is another sign of market weakness.
If I'm right, the next Fibonacci support is around $78,500.
Summary:
In short, according to me, the chart is pointing in one direction [bearish] . I may be wrong, but this time the charts are not showing any bullish divergence.
(DYOR — I am not a financial advisor)
#Bitcoin #BTC
Now, time for the $BTC update.
In my view, the chart is bearish. Honestly, I'm looking for $85,000, and once the $89,000 zone breaks, we could even see levels slightly below $85K.
Here’s why I think this:
1. 4H Timeframe:
The 4H TF is forming a bearish pattern and a bearish flag. Selling pressure is clearly visible, and the bearish candles are stronger than the bullish ones. If we focus on this zone, it has been a long-term resistance area.
2. Weekly Timeframe:
The weekly TF also looks bearish according to Fibonacci levels. The market did take a bounce near the support zone, but as I said earlier, the candles are weak—it looks more like a bearish retest. If we observe the last few days, the round-trip wick from 92K to 89K caused a lot of liquidation, which to me is another sign of market weakness.
If I'm right, the next Fibonacci support is around $78,500.
Summary:
In short, according to me, the chart is pointing in one direction [bearish] . I may be wrong, but this time the charts are not showing any bullish divergence.
(DYOR — I am not a financial advisor)
#Bitcoin #BTC
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BTC
87,619.4
-1.72%