Apparently, BTC failed to break above the 25k major resistance zone. Price appears to be falling towards the 21k support level.
Chart showing performance of BTC/USD(on a 4hr Time Frame). Source: Trading View
However, price appears to have broken below a bullish trend in the 4hr time frame.
The price fell after reaching a high of $25,000 and breaking a low of $23,528.
Price tested $22,000, but the bearish momentum is encouraging. A break below the 21k support zone will trigger a massive sell from traders, with prices falling below 20k. This suggests that a move to 21k is feasible.
However, a bounce following a trendline on the 4hr time frame could result in a close above the $25,000 resistance level, signaling the start of a rapid rise.
Price couldn’t break the major resistance of 0.94 which it peaked in early February, also serving as the ATH for SAND/USD pair since the start of this year(2023).
Chart showing performance of SAND/USD(on a 4hr Time Frame). Source: Trading View
Upon testing the major resistance, price descended continually, breaking the bullish trendline on 4hr to clear liquidity below. It bounced back and failed to break the major resistance. Price tested and reversed.
Not only did it cause a 4hr break of structure, but it also smashed the 0.66 support further promoting a downward movement. At this rate, we will most likely, find price in the 0.58 area in the coming week if the bears keep pushing.
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⚠️This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding.