Bitcoin is currently perched at a critical inflection point, with price action stalling at a major daily supply zone and 0.618 Fibonacci resistance. This region has acted as a key decision point in recent months, and now stands as a potential trigger for the next leg down.
If Bitcoin confirms rejection from this level, it could mark the beginning of the C-leg in a broader ABC corrective structure. The implications are clear: a move back toward the 0.618 Fibonacci support could unfold quickly, especially if price fails to maintain a foothold above this resistance.
This area is also the upper boundary of a descending channel that’s held since November 2024 — a structure that’s added considerable technical confluence and credibility to the current bearish outlook.
From a trader’s lens, we are still trading at resistance until proven otherwise. Without a clean breakout and hold above this range, the bias remains to the downside. A confirmed breakout above would invalidate the bearish thesis, but until then, risk is skewed toward further downside as the market digests recent gains.
If Bitcoin confirms rejection from this level, it could mark the beginning of the C-leg in a broader ABC corrective structure. The implications are clear: a move back toward the 0.618 Fibonacci support could unfold quickly, especially if price fails to maintain a foothold above this resistance.
This area is also the upper boundary of a descending channel that’s held since November 2024 — a structure that’s added considerable technical confluence and credibility to the current bearish outlook.
From a trader’s lens, we are still trading at resistance until proven otherwise. Without a clean breakout and hold above this range, the bias remains to the downside. A confirmed breakout above would invalidate the bearish thesis, but until then, risk is skewed toward further downside as the market digests recent gains.
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Join the Free Trading Group
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partner.blofin.com/d/alchemisttrader 🎁
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Trade with perks & support the community!
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Stay sharp, trade smart.
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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.