Quick BTC Analysis | Bearish Trend and Key Support Levels 1D TF
On the Bitcoin chart, a clear sequence of lower highs and lower lows since reaching the ATH (All-Time High) indicates the formation of a bearish trend. The 1D TF analysis shows that trading volumes have been decreasing with each subsequent peak, confirming diminishing interest in the asset.
The overall decline in volumes within the current range indicates market weakness and the development of two potential price decline scenarios: the formation of a sideways trend with a gradual price decrease, or alternatively, a sharp price drop towards the nearby support area of $ 64K - $ 62K. If the price does not hold at these support levels, further declines towards the 0.618 Fibonacci level are expected. The volume profile also shows significant accumulation in the $ 52K - $ 51K range, emphasizing this area as key support.
Disclaimer: Content for seasoned traders only. Not financial advice. You bear sole responsibility for trading outcomes. Conduct due diligence.
The overall decline in volumes within the current range indicates market weakness and the development of two potential price decline scenarios: the formation of a sideways trend with a gradual price decrease, or alternatively, a sharp price drop towards the nearby support area of $ 64K - $ 62K. If the price does not hold at these support levels, further declines towards the 0.618 Fibonacci level are expected. The volume profile also shows significant accumulation in the $ 52K - $ 51K range, emphasizing this area as key support.
Disclaimer: Content for seasoned traders only. Not financial advice. You bear sole responsibility for trading outcomes. Conduct due diligence.
Always remember the golden rule of investing: never risk more than you can afford to lose. Trade carefully and wisely. May each of your transactions be successful!
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