Context and Analysis:
Today’s Bitcoin price action saw a significant drop after consolidating near critical levels overnight. Here's a breakdown of key observations:
Initial Consolidation:
Price hovered within the Bear Day resistance zone around $98,400-$98,600 for several hours. This area was tested multiple times, reflecting significant selling pressure.
Breakdown Confirmation:
Early in the session, BTC broke below the Day support level at $97,800, triggering high-volume selling momentum. The decline was swift, heading towards the Bullish Weekly support zone ($97,200) but offering little relief.
Current State:
Price is now testing the Day-ATR low ($95,200), a critical intraday level. This aligns with broader market sentiment showing weakness and a potential continuation of the bearish move.
Volume Profile Insight:
The Point of Control (POC) near $98,400 acted as a ceiling, further solidifying the bearish outlook when the price was rejected at this level.
Outlook:
Bulls need to reclaim the $96,400 swing close level to stabilize and attempt a recovery. Failure to hold above the current ATR low could open the door to further downside exploration.
Takeaway: Bitcoin is experiencing heavy selling pressure today, losing critical support zones one by one. Traders should monitor the $96,400 level for signs of reversal or a continuation of the bearish momentum.
Today’s Bitcoin price action saw a significant drop after consolidating near critical levels overnight. Here's a breakdown of key observations:
Initial Consolidation:
Price hovered within the Bear Day resistance zone around $98,400-$98,600 for several hours. This area was tested multiple times, reflecting significant selling pressure.
Breakdown Confirmation:
Early in the session, BTC broke below the Day support level at $97,800, triggering high-volume selling momentum. The decline was swift, heading towards the Bullish Weekly support zone ($97,200) but offering little relief.
Current State:
Price is now testing the Day-ATR low ($95,200), a critical intraday level. This aligns with broader market sentiment showing weakness and a potential continuation of the bearish move.
Volume Profile Insight:
The Point of Control (POC) near $98,400 acted as a ceiling, further solidifying the bearish outlook when the price was rejected at this level.
Outlook:
Bulls need to reclaim the $96,400 swing close level to stabilize and attempt a recovery. Failure to hold above the current ATR low could open the door to further downside exploration.
Takeaway: Bitcoin is experiencing heavy selling pressure today, losing critical support zones one by one. Traders should monitor the $96,400 level for signs of reversal or a continuation of the bearish momentum.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.