The chart shows BTC/USD on a 2-hour timeframe, currently testing a descending resistance trendline. Price has been making lower highs and lower lows, indicating a bearish market structure. The recent bounce toward the trendline suggests a potential rejection.
Key points:
Price is respecting a clear downtrend.
Multiple bearish "Change of Character" (ChoCH) and "Break of Structure" (BOS) events confirm continued bearish momentum.
The chart suggests a likely rejection from the resistance trendline, potentially pushing BTC down toward the support zone around \$100,800.
Overall, the analysis implies a bearish outlook unless price breaks above the resistance trendline with strong momentum.
Key points:
Price is respecting a clear downtrend.
Multiple bearish "Change of Character" (ChoCH) and "Break of Structure" (BOS) events confirm continued bearish momentum.
The chart suggests a likely rejection from the resistance trendline, potentially pushing BTC down toward the support zone around \$100,800.
Overall, the analysis implies a bearish outlook unless price breaks above the resistance trendline with strong momentum.
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