Btcusd analysis

This chart is a 2-hour timeframe technical analysis of Bitcoin (BTC/USD) on Coinbase. The analysis highlights key price levels, an order block, and potential price targets.

Key Observations:

1. Current Price: Bitcoin is trading at $88,333.35, with a slight decline of -0.28%.


2. Support Zone (Order Block): The analysis identifies a support region around $85,635.14, where price action might reverse.


3. Resistance Levels & Targets:

$90,057.93: A mid-level resistance that could serve as an initial breakout confirmation.

$90,090.04: A key resistance level before further upward movement.

$93,833.62: The final target if bullish momentum continues.



4. Price Projection: The analysis suggests a possible drop into the order block before a bullish push toward higher resistance levels.


5. Directional Bias: The blue arrows indicate a bullish scenario where Bitcoin might rebound from the order block and rise toward $93,833.62.



Conclusion:

The chart suggests a potential bullish setup if Bitcoin finds support at the order block and breaks through resistance levels. Traders might look for confirmation before entering long positions. However, failure to hold the support could lead to further declines.