Bitcoin: Potential Bearish Breakdown with Key Support Zones
2025-02-02
Category: None

hello guys!

The chart suggests a Head and Shoulders pattern, indicating a possible bullish (in a higher time frame) continuation. Here are the key points:

 Head and Neckline Structure
 A well-defined head formation at the top, with a sloping trendline indicating weakness.
The neckline is around 97,657, which is a key support level.

 QML2 & Price Rejection
 The price could test the QML2 area, confirming bearish sentiment.
The descending trendline further reinforces selling pressure.

 Expected Price Action
 A short-term pullback might occur near 97,657, but a break below this level could trigger further downside.
The next major support is the QML1 zone at 93,455, where buyers may step in.
If selling pressure continues, the price could drop further into the 91,829 - 91,468 demand area.

 Potential Reversal Scenario
 If Bitcoin finds support at the lower QML1 or demand area, a strong bullish recovery toward 103,000+ could follow.

Overall, this setup suggests a short-term bearish continuation, but traders should monitor price action near key support zones for a potential bullish reversal.