Bitcoin has broken down from a descending channel, leading to a strong bearish move. The price has reached a critical support zone, where a potential reversal or a deeper drop could occur.
Technical Analysis:
The price has decisively broken below the lower boundary of the bearish channel.
A strong bearish momentum has pushed Bitcoin toward a key support level around $93,000.
If the price holds above this level, a bounce towards the $106,000-$107,000 resistance area is possible.
However, failure to hold support could result in further downside towards $91,500 or lower.
Trade Setup:
Entry: Around $93,800 (current price level)
Stop Loss: Below $91,500
Target: First target $106,000, extended target $110,000 for a high-risk reward play.
Conclusion:
Bitcoin is at a critical decision point. Bulls need to defend the support zone to confirm a reversal, while bears might push further downward if the breakdown continues. Traders should watch price action closely at this level and adjust risk accordingly.
Technical Analysis:
The price has decisively broken below the lower boundary of the bearish channel.
A strong bearish momentum has pushed Bitcoin toward a key support level around $93,000.
If the price holds above this level, a bounce towards the $106,000-$107,000 resistance area is possible.
However, failure to hold support could result in further downside towards $91,500 or lower.
Trade Setup:
Entry: Around $93,800 (current price level)
Stop Loss: Below $91,500
Target: First target $106,000, extended target $110,000 for a high-risk reward play.
Conclusion:
Bitcoin is at a critical decision point. Bulls need to defend the support zone to confirm a reversal, while bears might push further downward if the breakdown continues. Traders should watch price action closely at this level and adjust risk accordingly.
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