Bitcoin is trading within a descending channel, respecting lower highs and lower lows. The recent price action shows a sharp bounce from the $98,600 support zone, but the bigger picture still hints at potential downside.
🔍 Key Technical Insights:
Descending Channel remains intact – structure suggests bearish continuation.
Price bounced from $98,626 support, but is struggling below key resistance at $108,622.
A possible lower high formation near $106K–$107K could trigger the next drop.
Bearish projection remains valid if price fails to break above the descending trendline.
🟢 Upside Scenario: If bulls manage to break above $109K resistance, we could see a bullish reversal.
🔴 Downside Target: If the bearish setup confirms, we may revisit the $98,000–$99,000 support area once again.
📌 Plan Accordingly:
Wait for price action confirmation near resistance. Patience pays in volatile zones like this!
#BTCUSD #Bitcoin #CryptoAnalysis #TradingView #BTCUpdate #CryptoTrader #TechnicalAnalysis
🔍 Key Technical Insights:
Descending Channel remains intact – structure suggests bearish continuation.
Price bounced from $98,626 support, but is struggling below key resistance at $108,622.
A possible lower high formation near $106K–$107K could trigger the next drop.
Bearish projection remains valid if price fails to break above the descending trendline.
🟢 Upside Scenario: If bulls manage to break above $109K resistance, we could see a bullish reversal.
🔴 Downside Target: If the bearish setup confirms, we may revisit the $98,000–$99,000 support area once again.
📌 Plan Accordingly:
Wait for price action confirmation near resistance. Patience pays in volatile zones like this!
#BTCUSD #Bitcoin #CryptoAnalysis #TradingView #BTCUpdate #CryptoTrader #TechnicalAnalysis
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