08/06/2025
4-hour candlestick chart of the BTC/USDT
Key Observations:
1. Trend Lines & Market Structure:
There is an upward diagonal trendline that has been broken to the downside.
Price is currently retesting that broken trendline from below, which often acts as resistance.
2. Support and Resistance Zones:
Major resistance is observed in the zone around 106,000 USDT.
Immediate resistance sits just above the current price level (around 105,500–106,000).
Support levels are seen near:
103,022 USDT
93,338 USDT
3. Chart Patterns:
A possible lower high is forming after a series of lower highs and lower lows.
If price fails to break above the trendline and the resistance zone, this could reinforce the bearish structure.
4. RSI Indicator (Lower Pane):
RSI is currently around 50.8, indicating neutral momentum.
There are visible bullish divergences (green dotted lines) and bearish divergences (red dotted lines) marked on the RSI.
Summary & Potential Scenarios:
🔼 Bullish Scenario:
A breakout above the 105,500–106,000 zone with strong volume could push BTC towards the next resistance area near 112,000.
RSI rising and breaking above 60 would support bullish momentum.
🔽 Bearish Scenario:
A rejection at the trendline and failure to break 106K could lead to a drop back toward 103K, and potentially lower to the 93K support zone.
Watch for RSI rejection below 50 and divergence patterns to confirm weakness.
