Bitcoin Poised for a Potential Drop: Will BTC Test the 95K Suppo
2024-12-19
Category: None

Price Action: The chart shows a sharp decline from recent highs, with the price currently around the 100,259 level.

Support and Resistance:

There is strong resistance highlighted in the red zone above the price, which previously rejected the price upward.
Below the current level, there is green support near the 95,000 mark.
Trendline Break:

The orange upward trendline has been breached or is very close to being breached, signaling potential bearish movement.
Projection:

The white arrows illustrate a potential pattern where the price may bounce slightly after breaking the trendline but could ultimately fall toward the 95,000 level.
The chart shows a projected drop of ~11.57%, which aligns with a fall to 95,000.
Conclusion:
The chart suggests a bearish scenario where Bitcoin (BTC) may fall to touch the 95,000 support level after breaking the upward trendline. If BTC fails to hold this trendline and support area, further downside movement is likely.