Bitcoin - Interesting Price Action in 1 HTF

TRADERS AND INVESTORS,

The Bitcoin chart presents an interesting setup on the 1-hour timeframe (1 HTF). Here's a breakdown of recent price action:

Initial Resistance & Downtrend: Bitcoin's chart indicated potential trend changes, with significant selling pressure at the $106,000 mark establishing a clear resistance level.

Downtrend Confirmation & Support: This was followed by a series of lower highs, confirming a downtrend. Subsequently, Bitcoin found support and bounced from the $98,000 level.

Potential Reversal Signal: The recent upward movement cleared sellers' stop-losses, which could be an early indication of a potential trend reversal.

WHAT MIGHT HAPPEN NEXT?

Currently, Bitcoin is re-testing the crucial $106,000 resistance level.

Bullish Scenario: A confirmed breakout and sustained move above $106,000 could signal the continuation of an uptrend.

Bearish Scenario: Conversely, a strong rejection from this level might lead to a decline, potentially targeting the $101,000 support.

Current Stance: At present, this area appears to be a no-trade zone due to the indecisive price action.

Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.