Bitcoin Faces Rejection at Resistance: Short-Term Downside
2024-11-04

hello guys.

Failed Breakout: Bitcoin attempted to break above the resistance zone around $69,400–$69,600 but was unable to sustain the move, indicating a potential lack of buying strength at these levels.

Broken Trendline: The price has already broken below a key ascending trendline, reinforcing the bearish bias in the short term.

Bearish Zone: The shaded pink area represents a strong resistance zone, which Bitcoin struggled to overcome. Sellers defended this zone effectively.

Potential Downside Target: With the rejection at resistance, the price may head toward the support area around $67,963–$67,934, as indicated by the green zone.

Lower High Formation: The lower high structure suggests that the trend could continue downward if the current pattern holds.