₿ Bitcoin (BTC) Market Update – Key Summary
200-Week SMA: The weekly candle closed below the 200-week SMA. A similar setup occurred in 2022, when BTC found support around the 350 Moving Average and bounced. That level is currently around $49,000.
Bullish Breakout: BTC has broken above the long-term trendline from the ATH with a strong daily candle, supported by healthy volume and a strong candle body.
Downside Risk: A pullback toward $53,000 is still possible. This bearish scenario would become invalid if BTC achieves a weekly close above the key resistance zone.
Market Structure: Spot volume has increased while Futures Open Interest (OI) has declined, suggesting that short liquidations may have contributed to the recent upside move.
Ethereum (ETH): A symmetrical triangle has formed on the 4H chart. A confirmed resistance breakout could provide a trading opportunity.
Solana (SOL) & BNB: Both are showing falling wedge patterns. Waiting for a confirmed breakout above resistance would be safer.
Short-Term Risk: A bearish divergence is visible on the 30M chart, offering a possible small scalp short. However, shorting remains risky following the recent daily breakout.
$BTC #bnb #sol #ETH
200-Week SMA: The weekly candle closed below the 200-week SMA. A similar setup occurred in 2022, when BTC found support around the 350 Moving Average and bounced. That level is currently around $49,000.
Bullish Breakout: BTC has broken above the long-term trendline from the ATH with a strong daily candle, supported by healthy volume and a strong candle body.
Downside Risk: A pullback toward $53,000 is still possible. This bearish scenario would become invalid if BTC achieves a weekly close above the key resistance zone.
Market Structure: Spot volume has increased while Futures Open Interest (OI) has declined, suggesting that short liquidations may have contributed to the recent upside move.
Ethereum (ETH): A symmetrical triangle has formed on the 4H chart. A confirmed resistance breakout could provide a trading opportunity.
Solana (SOL) & BNB: Both are showing falling wedge patterns. Waiting for a confirmed breakout above resistance would be safer.
Short-Term Risk: A bearish divergence is visible on the 30M chart, offering a possible small scalp short. However, shorting remains risky following the recent daily breakout.
$BTC #bnb #sol #ETH