Bitcoin (BTC/USDT) Bearish Reversal Setup – Potential Drop to $8

6 Mac

This chart represents Bitcoin (BTC) against Tether (USDT) on the Binance exchange, displayed on a 1-hour timeframe. Below is the analysis:

Key Observations:
Price Action & Structure:

The price recently had a strong upward movement but faced resistance around the 91,634 USDT level.
A potential double-top or rejection is forming in the marked red zone, indicating a bearish bias.
The price is currently around 88,336 USDT, showing signs of weakness.
Support & Resistance Levels:

Resistance Zone: Around 91,634 USDT (red box) – the price attempted to break through but failed.
Current Level: 88,336 USDT – a minor support level.
Next Key Support: 81,583 USDT (highlighted by the lower blue line).
Bearish Scenario:

The red arrow and shaded area indicate a potential sell setup.
The price is expected to retest the broken support (around 88,500 USDT) and then continue downwards.
A drop towards 81,583 USDT is anticipated if the bearish momentum continues.
Conclusion:
Bias: Bearish in the short term.
Potential Trade Setup: A break below 88,500 USDT could trigger a sell-off towards 81,500 USDT.
Invalidation: If the price breaks above 91,634 USDT, the bearish outlook would be invalidated.

6 Mac

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Resistance Level: 91,634 USDT (Strong rejection zone)

7 Mac

Nota

Current Price: 88,336 USDT (Testing minor support)
Bearish Scenario: Price expected to retest 88,500 USDT before continuing downward
Target Support: 81,583 USDT
Invalidation: A break above 91,634 USDT would negate the bearish outlook

7 Mac

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Current Price: 88,336 USDT (Testing minor support)
Bearish Scenario: Price expected to retest 88,500 USDT before continuing downward
Target Support: 81,583 USDT
Invalidation: A break above 91,634 USDT would negate the bearish outlook