BITCOIN Price Movement

17 nov. 2024

Analysis
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Support Zone:

The ascending yellow trendline acts as a support area. Price has bounced from this line multiple times, as indicated by the marked “$$$” levels.
If this trendline holds, it could indicate a short-term price recovery.
Resistance Zone:

The grey shaded area around $92,500 - $92,800 is the resistance zone. Price has been rejected from this level previously, as seen in the chart.
Short-Term Scenario (White Path):

The chart suggests a potential bounce from the ascending support trendline towards the resistance at $92,500 - $92,800.
If price fails to break the resistance zone, the chart anticipates a sharp drop (breakdown of the ascending trendline).
Downside Target:

A major downside target is marked near $84,333, which aligns with previous support levels.
Stop-Loss Zone:

The stop-loss for this trade idea is likely above the resistance zone, around $93,000 - $93,200.
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Key Levels
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Resistance Zone:
$92,500 - $92,800
(Critical area for sellers. If broken, price could continue higher.)

Support Zone (Trendline):
Current support near $89,200 - $89,500.
If this breaks, it could lead to the expected downtrend.

Downside Target:
$84,333 (Primary take-profit level for shorts).

Stop-Loss:
Above $93,000 (to manage risk if resistance breaks).