From TradingView · · 40s
Bitcoin Bounces, But Bearish Structure Holds
Bitcoin rebounds but short-term bearish pattern persists for traders.
In brief
Bitcoin rebounds but short-term bearish pattern persists for traders. Bitcoin bounced near $84,352 but short-term bearish structure remains as bulls need break above $84,352 to challenge bearish sentiment. Originally reported by TradingView.
Lower Highs Dominate
Bitcoin's short-term structure shows lower highs beneath $87,395 with latest rejection from $84,352.
50-Day EMA Attracts Buyers
Price found buying interest around 50-day EMA and $79,715 Fibonacci retracement after dropping to $79,800.
ABC Correction Possible
Recent decline may complete ABC correction wave (c) but sellers could extend lower if they regain control.
Momentum Unconvincing
RSI fluctuates around 50 and StochRSI moves sideways in oversold territory with neutral trading volume.
What it means
Bitcoin bounced near $84,352 but short-term bearish structure remains as bulls need break above $84,352 to challenge bearish sentiment.
