Hello Traders! 👋
What are your thoughts on Bitcoin ?
On the daily timeframe, Bitcoin has entered a consolidation phase after a bullish rally, forming a clear Rising Wedge pattern. Classically, this structure indicates a gradual exhaustion of buying momentum at higher levels, signaling a potential trend reversal or a deep correction.
Price is approaching a critical resistance cluster between $82,000 and $84,000.
This red supply box aligns perfectly with the 0.618 Fibonacci retracement level, creating a significant technical and psychological barrier.
Based on the current price action, we expect one final push toward the pattern's ceiling near $83,000. Upon reaching this liquidity-rich zone, a strong reaction from sellers is anticipated, likely triggering the start of a corrective phase.
We are approaching a major decision point for Bitcoin. Given the overbought conditions and the wedge structure, opening new Long positions at the top of this pattern offers a poor risk-to-reward ratio. We remain patient, looking for confirmed reversal signals within the supply zone before considering the next move.
Feel free to like and share your thoughts in the comments! ❤️
What are your thoughts on Bitcoin ?
On the daily timeframe, Bitcoin has entered a consolidation phase after a bullish rally, forming a clear Rising Wedge pattern. Classically, this structure indicates a gradual exhaustion of buying momentum at higher levels, signaling a potential trend reversal or a deep correction.
Price is approaching a critical resistance cluster between $82,000 and $84,000.
This red supply box aligns perfectly with the 0.618 Fibonacci retracement level, creating a significant technical and psychological barrier.
Based on the current price action, we expect one final push toward the pattern's ceiling near $83,000. Upon reaching this liquidity-rich zone, a strong reaction from sellers is anticipated, likely triggering the start of a corrective phase.
We are approaching a major decision point for Bitcoin. Given the overbought conditions and the wedge structure, opening new Long positions at the top of this pattern offers a poor risk-to-reward ratio. We remain patient, looking for confirmed reversal signals within the supply zone before considering the next move.
Feel free to like and share your thoughts in the comments! ❤️
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t.me/+1gFAIO4CJJw3NTU0
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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.
✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
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.