BTC/USD) Resistance level pullback Read The ChaptianSMC Trading point update
Technical analysis of Bitcoin (BTCUSDT), highlighting key levels and potential price movements based on trend channels, support/resistance, and RSI. Here's the breakdown:
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Key Elements in the Analysis:
1. Trend Channel:
BTC is trading within an ascending channel, indicating an ongoing bullish trend.
The recent price action hit the upper boundary (resistance) of the channel, suggesting potential for a pullback.
2. Resistance Zone:
105,586.06 is marked as a resistance level, where price faced rejection.
Strong reaction here suggests sellers are defending this area.
3. Support Zone:
A new support level is established around 98,000.
This zone aligns with the lower boundary of the ascending channel and previous breakout structure.
4. Target Point (Bearish Projection):
The chart projects a potential drop to the 97,367.51 level, representing a ~7.4% correction.
This move mirrors the prior leg up, applying a measured move concept.
5. RSI Indicator:
RSI is around 66–71, indicating overbought conditions.
A bearish divergence or trendline break on RSI suggests weakening momentum.
Mr SMC Trading point
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Summary of Trading Idea:
Bias: Short-term Bearish (correction within an overall bullish trend)
Expected Move: Potential dip toward 97,367.51 support
Confirmation: Rejection at resistance, RSI divergence, and trendline break
Invalidation: A strong breakout above 105,586.06 would nullify the correction setup and favor continued bullish movement
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