BTC - 1H Pulllback
2025-01-09
Category: None

Bitcoin has formed a bearish descending channel following a sharp bearish spike, indicating continued downward momentum. Currently, the price is showing signs of recovery and may rise towards the channel base around the $97,000 resistance zone.

This resistance zone, marked by previous rejections and high selling pressure, is a critical area to monitor. It offers a potential opportunity to enter short positions if rejection signs are observed, with expectations of further declines from that zone.

Traders should remain cautious and wait for confirmation of price action at the resistance before entering positions. Both bullish retracements and potential rejections at resistance offer opportunities for strategic trades. 🚀