Hello Traders! 👋
What are your thoughts on Bitcoin ?
After hitting the upper boundary of the ascending channel which overlapped with the major $82,000 resistance zone Bitcoin failed to break through and faced a sharp rejection.
Following the rejection, Bitcoin gained downward momentum and successfully broke below its short-term ascending trendline, signaling a shift in market structure.
The price has now paused at a minor horizontal support zone, which is temporarily slowing down the bearish momentum.
From the current support level, we expect a minor bullish relief rally. This upward move will likely act as a pullback (retest) to the broken trendline and the newly formed resistance zone overhead.
Once the pullback is completed and if sellers re-enter the market, the main downward wave should trigger. The ultimate target for this correction is the lower boundary (bottom) of the ascending channel around the $71,000 zone.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
What are your thoughts on Bitcoin ?
After hitting the upper boundary of the ascending channel which overlapped with the major $82,000 resistance zone Bitcoin failed to break through and faced a sharp rejection.
Following the rejection, Bitcoin gained downward momentum and successfully broke below its short-term ascending trendline, signaling a shift in market structure.
The price has now paused at a minor horizontal support zone, which is temporarily slowing down the bearish momentum.
From the current support level, we expect a minor bullish relief rally. This upward move will likely act as a pullback (retest) to the broken trendline and the newly formed resistance zone overhead.
Once the pullback is completed and if sellers re-enter the market, the main downward wave should trigger. The ultimate target for this correction is the lower boundary (bottom) of the ascending channel around the $71,000 zone.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
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t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
Related publications
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
Related publications
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.