BTC Price Analysis: Key Technical Insights & Bearish Sentiment
2024-09-16

Hello there,

BTC went down to 49221.93 and rallied up to 64133.59 for appears to be a B in a corrective wave. The higher low at 53315.24 creates the impression that price will continue bullish since to 49221.93, but that will need confirmation above (B) where in sits a supply zone.

Current candle structure does not support a strong bullish momentum but the break below of 57642.58 will be meaningful for any indication of bearish continuation.

The sentiment right now is highly bearish with two price targets for a bias of 31265.28

 Summary  : Current trend shows weak bullish momentum, and a drop below 57642.58 could indicate further bearish action, leaning strongly bearish toward even lower lows.

Happy Trading,
K.