Technical analysis by limitissky77 about Symbol BTC on 2/12/2025

BTC/USD 4H Chart Analysis Key Observations: Descending Channel: Price is moving within a downward-sloping channel with lower highs (LH) and lower lows (LL), indicating a bearish structure. Major Support & Resistance: Support: Around $89,000, marked as "major support." Resistance: Around $105,000, marked as "major resistance." BTC is currently near support, which could act as a potential bounce zone. Double Top Formation: A double top pattern was formed around $105,000, confirming strong resistance. This led to a rejection and continuation of the downtrend. Fake Breakout: A previous attempt to break above resistance failed, causing a sell-off. Potential Scenarios: Bullish Case: If BTC holds the support zone and breaks the resistance line, it could move towards the $100K+ zone. Bearish Case: If BTC fails to hold support, it could retest $89,000 as mentioned on the chart. RSI Divergence: RSI is showing a slight bullish divergence, meaning price is making lower lows while RSI is making higher lows. This could indicate a potential reversal or temporary bounce. Conclusion & Strategy: Watch the 89K -$90K support level closely. A breakout above the resistance line may confirm a bullish reversal. If price loses support, the next downside target could be $85K-$87K. RSI divergence suggests a possible short-term bounce. 🚨 Trading Plan: Long Entry: If BTC reclaims the resistance line with volume confirmation. Short Entry: If BTC loses support and breaks below 89K with strong selling pressure.BTC TP achieved at 78K