Others/BTC: Bearish Continuation 2024
"In this weekly chart of Others/BTC, I’m analyzing a possible continuation of the downtrend. Over the past few months, Others/BTC has followed a pattern of sharp declines followed by brief recoveries. The highlighted areas show previous 60% drops, marked by the yellow downtrend line and blue retracement boxes. Currently, the asset seems to be repeating a similar structure, where it rejected a key resistance level, as indicated by the white arrow.
I expect a bearish continuation toward the lower support region, which could result in another 60% decline from current levels. The long-term Bear Market Support Band has also served as a key resistance during this period. Unless we see a strong break above this band, a drop to the 0.06 level seems plausible.
Key Targets:
Profit target: 0.06 (as indicated by the bottom of the previous cycle)
Stop loss: 0.25, just above the Bear Market Support Band, in case of a breakout.
This setup is based on historical price action and resistance points, so close monitoring is required. Be cautious of any sudden shifts in momentum as the market remains volatile.
I expect a bearish continuation toward the lower support region, which could result in another 60% decline from current levels. The long-term Bear Market Support Band has also served as a key resistance during this period. Unless we see a strong break above this band, a drop to the 0.06 level seems plausible.
Key Targets:
Profit target: 0.06 (as indicated by the bottom of the previous cycle)
Stop loss: 0.25, just above the Bear Market Support Band, in case of a breakout.
This setup is based on historical price action and resistance points, so close monitoring is required. Be cautious of any sudden shifts in momentum as the market remains volatile.
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