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

BTC/USD 4H Chart AnalysisKey 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