FX.co ★ Konnect2fx | #Bitcoin chart analysis

The BTCUSD daily chart is showing a bearish correction after a strong bullish trend. Price moved up strongly from the March lows and reached the resistance area near 82,000, but buyers failed to continue the rally. Now the market is slowly moving down and testing important support near 74,200. I can see that the candles are becoming weaker after every small recovery, which means sellers are controlling the market in the short term. The Bollinger Bands also show that price is moving near the lower band, and this usually means bearish pressure is active. However, the market is not in panic selling yet because the candles are still respecting major support zones. The RSI is around 37, which is below the neutral 50 level and shows weak momentum. I think buyers need to protect the 74,000 area strongly, otherwise BTC can fall toward the next psychological support around 72,000 or even 70,000. At the same time, if price starts closing again above 78,500, then the market may recover slowly. I also notice that volatility is increasing slightly, which means a bigger move may happen soon. Traders should stay patient because BTC is currently between strong support and resistance zones. The overall long-term structure still looks bullish because higher highs and higher lows are visible on the larger trend, but the short-term momentum is clearly bearish right now.

I believe the market is now at an important decision point. If sellers continue pushing price below 74,178 support, then more downside movement can happen quickly. In my opinion, the RSI still has space to move lower before becoming oversold, so bears may still have some strength left. I would personally avoid aggressive buying until I see confirmation candles or a strong bullish rejection from support. The resistance zone around 78,489 is very important because previous candles reacted there many times. If BTC breaks above that level with strong volume, buyers may target 82,000 again. But if the market fails below resistance, then sellers could return with more pressure. I think risk management is very important now because BTC volatility can increase suddenly. Traders should not enter large positions without confirmation. The chart also shows that momentum has slowed after the previous uptrend, which often happens before either a deeper correction or a new breakout. I would watch daily candle closes carefully because they can give the clearest signal for the next direction. Right now, bears have short-term control, but bulls still have a chance if support remains strong. Overall, the market looks cautious and traders should wait for confirmation instead of rushing into trades. Final Trading Plan: Sell Setup: Sell below 74,100 after strong bearish confirmation. Sell Targets: 72,500 then 70,500. Sell Stop Loss: Above 75,800. Buy Setup: Buy only if BTC closes strongly above 78,500. Buy Targets: 80,700 then 82,000. Buy Stop Loss: Below 76,800. Current Bias: Short-term bearish, long-term bullish.