FX.co ★ #Bitcoin chart analysis

I see BTC/USD continuing to trade within a corrective structure, and I note that the descending channel still defines the medium-term dynamics of price movement. I observe that moving averages are pointing downward, and I interpret this as confirmation of a short-term bearish trend in Bitcoin. I notice that the price has broken below the zone between the signal lines, and I take this as evidence of persistent selling pressure from market participants. I expect a bullish corrective attempt toward the resistance area near 88,665, and I consider this level to be a key checkpoint for sellers to reassert control. I anticipate that a rejection from this resistance could lead to another downward impulse with a potential target below 78,505. I also rely on the RSI, and I expect that a test of its descending resistance line would further support a bearish continuation scenario. I see additional technical confirmation in the form of a possible rebound from the upper boundary of the descending channel. I believe that a strong and confident breakout above resistance would invalidate the bearish outlook, and I associate such a move with a potential rise toward the 105,375 area. I treat consolidation below 85,665 as a decisive signal that the bearish trend is strengthening and becoming dominant. I remain focused on the fact that a breakout above 94,275 would cancel the decline scenario entirely and shift the market back into a growth phase.

I am also watching a newly formed triangle pattern, and I recognize that the price is currently moving upward within this structure. I define the triangle range clearly between 85,512.02 and 91,854.98, and I consider any move beyond these boundaries as a directional exit. I believe the price is more likely to break above the upper boundary, and I associate this outcome with a continuation toward the psychological level of 100,000 and higher. I analyze the weekly timeframe and recall that the recent decline was largely expected due to strong bearish divergences on MACD and CCI. I note that a rising wedge reversal pattern preceded the drop, and I view the subsequent decline as technically justified, though unusually sharp. I observe that after reaching the ascending trendline near 98,589, the price rebounded toward resistance at 108,094, and I initially expected an accumulation zone to form. I now see that the market chose a different path, pushing prices lower without prolonged consolidation. I expect a corrective rise toward previously broken levels, and I consider a test from below to be a normal market reaction. I observe narrowing Bollinger Bands on the daily chart, and I interpret this as a sign of an imminent breakout. I think that while short-term upside attempts are possible, the market still needs to update local lows, and I continue to expect a deeper move toward the 75,000–74,500 zone before a sustainable long-term rise begins.