Key Observations
1. Support & Resistance Levels:
Support Zone (Red Line & Box at ~100,500 – 101,000 USDT):
The price has bounced multiple times from this zone, indicating strong buying pressure.
Resistance Zone (Purple Box at ~105,000 – 106,000 USDT):
The price has faced rejection from this level multiple times.
2. Price Action & Trend:
The chart shows a downtrend leading to a key support zone.
There was a previous rejection from resistance, as marked by the green arrows.
The price is currently testing the support level.
3. Potential Price Scenarios:
Bullish Scenario (Green Arrows):
If the support holds, a rebound towards the resistance (~105,000 – 106,000 USDT) is possible.
A break above this resistance could push BTC toward 108,000 USDT.
Bearish Scenario:
If BTC breaks below support, it could lead to further decline, possibly towards 98,000 USDT or lower.
Conclusion
Key Level to Watch: ~101,000 USDT (Support Zone)
If BTC holds above this level, a bullish rebound is expected.