Bitcoin just tested and got rejected from a high-volume supply zone around $84,940 (marked by LuxAlgo's Supply & Demand Visible Range). The price formed a wick rejection right inside the zone, and we’re now seeing early bearish signs.
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Key Levels:
Immediate Resistance: $84,940 (supply zone top)
Support 1: $84,140
Support 2: $82,997 (previous demand zone)
Target (if breakdown continues): $82,800 area
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Bearish Clues:
Wick rejection in a major supply zone
Strong bearish engulfing candle forming after rapid move up
RSI (not shown) was likely overbought during this quick rally
Lower timeframes suggest a potential pullback or short opportunity
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Scalp Idea (Short-Term Traders):
Short Entry: Near $84,900–$84,940
TP1: $84,140
TP2: $83,000
SL: Above $85,100
Risk/Reward: 1:2+
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What Do You Think?
Is this a healthy retracement or the start of a deeper dump?
Comment your thoughts below!
Smash that like if you caught this rejection or love clean supply/demand setups!
#Bitcoin #BTC #CryptoTrading #Scalping #ShortOpportunity #LuxAlgo #TechnicalAnalysis #TradingView #DayTrading
---
Key Levels:
Immediate Resistance: $84,940 (supply zone top)
Support 1: $84,140
Support 2: $82,997 (previous demand zone)
Target (if breakdown continues): $82,800 area
---
Bearish Clues:
Wick rejection in a major supply zone
Strong bearish engulfing candle forming after rapid move up
RSI (not shown) was likely overbought during this quick rally
Lower timeframes suggest a potential pullback or short opportunity
---
Scalp Idea (Short-Term Traders):
Short Entry: Near $84,900–$84,940
TP1: $84,140
TP2: $83,000
SL: Above $85,100
Risk/Reward: 1:2+
---
What Do You Think?
Is this a healthy retracement or the start of a deeper dump?
Comment your thoughts below!
Smash that like if you caught this rejection or love clean supply/demand setups!
#Bitcoin #BTC #CryptoTrading #Scalping #ShortOpportunity #LuxAlgo #TechnicalAnalysis #TradingView #DayTrading
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