Hello traders, I want share with you my opinion about Bitcoin. The chart shows how the price previously made a strong decline, followed by a sharp rebound from the buyer zone between 77800 - 79000 points. This recovery formed a short-term uptrend, which led the price back into the seller zone, where bullish momentum slowed down. After testing resistance, BTC formed a wedge pattern that eventually broke to the downside, causing a new wave of correction. Following this drop, the market rebounded again from support and began forming a triangle pattern. The triangle developed inside the same larger resistance area that had already rejected price action before. The structure of the triangle shows lower highs with clear resistance along the 88500 level, reinforcing bearish pressure. Currently, BTC is trading near the apex of this triangle, and the price just bounced down again from resistance. This reaction suggests that the market is struggling to push higher and could be ready for a breakdown. Based on the triangle structure, the seller zone rejection, and the multiple failed attempts to break higher, I expect BTC to move downward toward the 80000 points, which I consider as TP1. The 79000 - 80000 area also coincides with the next major support and previous accumulation zone. Please share this idea with your friends and click Boost 🚀
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Interesting... Price exited from a triangle, but it continued to trades very close to this pattern. I expect that it will rise a little and then start to decline.
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🔷Join my telegram channel for free - bit.ly/4g4wovR
💰Want receive more profitable signals for Crypto & Forex market, write me 👉 bit.ly/4fNijD8
💰Want receive more profitable signals for Crypto & Forex market, write me 👉 bit.ly/4fNijD8
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.