After a strong push up (impulse move), price retraced sharply.
The retracement formed a descending channel (falling wedge).
Falling wedges often indicate bullish reversal potential.
Price recently touched the support zone near $111,800–$111,700, where buyers previously stepped in.
✅ Support & resistance zones are clearly identified.
✅ Pattern recognition: A descending channel aligning with a reversal setup.
✅ Confluence: The channel meets the strong historical support at $111,800.
✅ Risk-to-reward: Entry near support gives a smaller downside risk compared to the upside potential back to $123k.
The retracement formed a descending channel (falling wedge).
Falling wedges often indicate bullish reversal potential.
Price recently touched the support zone near $111,800–$111,700, where buyers previously stepped in.
✅ Support & resistance zones are clearly identified.
✅ Pattern recognition: A descending channel aligning with a reversal setup.
✅ Confluence: The channel meets the strong historical support at $111,800.
✅ Risk-to-reward: Entry near support gives a smaller downside risk compared to the upside potential back to $123k.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.