Bitcoin could be starting the final stage of a larger corrective pattern — known as the D-leg — which often follows major trends in the market. This kind of structure typically forms after a big move up, and signals that the market might need a deeper reset before continuing higher.
Recently, Bitcoin was rejected from a key resistance zone around $98,300, which aligns with several technical indicators including a major daily support/resistance flip, the 0.618 Fibonacci retracement, and the Point of Control (a price level with the most traded volume). This rejection has sparked concerns that a local top may already be in for this cycle.
Why This Matters:
If Bitcoin fails to hold its current support levels, we could see a continuation to the downside, with targets potentially reaching sub-$60K levels. This aligns with a broader corrective pattern some analysts call an ABCD structure — where the D-leg often marks the final leg down before the next larger trend can begin.
This scenario becomes more likely if the current support zone breaks down, which would confirm a shift in market structure. Until then, there’s still room for price to range or attempt another retest of the highs, but caution is warranted.
What’s Next:
Watch for a breakdown below the recent lows — this would strongly suggest the D-leg is underway.
A confirmed breakdown would likely lead to a longer correction over the coming weeks or months.
However, if Bitcoin reclaims resistance above $98,300, this bearish outlook could be invalidated and the structure may reset.
Right now, we’re at a major decision point in the market. While the signs are stacking in favor of a deeper pullback, it’s important to wait for price to confirm with structure and volume before acting on it.
Recently, Bitcoin was rejected from a key resistance zone around $98,300, which aligns with several technical indicators including a major daily support/resistance flip, the 0.618 Fibonacci retracement, and the Point of Control (a price level with the most traded volume). This rejection has sparked concerns that a local top may already be in for this cycle.
Why This Matters:
If Bitcoin fails to hold its current support levels, we could see a continuation to the downside, with targets potentially reaching sub-$60K levels. This aligns with a broader corrective pattern some analysts call an ABCD structure — where the D-leg often marks the final leg down before the next larger trend can begin.
This scenario becomes more likely if the current support zone breaks down, which would confirm a shift in market structure. Until then, there’s still room for price to range or attempt another retest of the highs, but caution is warranted.
What’s Next:
Watch for a breakdown below the recent lows — this would strongly suggest the D-leg is underway.
A confirmed breakdown would likely lead to a longer correction over the coming weeks or months.
However, if Bitcoin reclaims resistance above $98,300, this bearish outlook could be invalidated and the structure may reset.
Right now, we’re at a major decision point in the market. While the signs are stacking in favor of a deeper pullback, it’s important to wait for price to confirm with structure and volume before acting on it.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.