Technical Analysis of $BTC - 1H Timeframe
Current Market Condition
BTC Price: $106,674 (+5.03%).
Key Resistance: $109,091 – Price faces rejection here, signaling a potential short-term reversal.
Bearish Setup
1. Rejection at Resistance: Strong selling pressure observed near $109,091, forming a potential lower high.
2. Projected Downtrend:
Break below $105,500 confirms bearish momentum.
Short-term target: $104,000.
Key support: $99,502 – a critical demand zone where buyers are expected.
3. Risk Management:
Stop-Loss: Above $108,000.
Profit Zones:
First target: $104,000.
Second target: $99,502.
Bullish Contingency (Alternative Scenario)
A strong breakout above $109,091 may drive BTC toward $112,000, negating bearish sentiment.
Summary
BTC faces strong resistance at $109,091 with indications of a reversal toward support at $104,000 and $99,502. A break below $105,500 confirms the bearish move. Monitor closely for volume and price action signals.