Bearish Scenario:
If the price fails to break the upper boundary of the descending channel and the small triangle pattern breaks to the downside, we could see a retracement toward the mid-channel area of $64,000, with further downside potentially extending toward the lower channel boundary around $53,000. This move would align with the weakening indicators, such as the RSI and MACD, which are showing signs of bearish momentum.
Bullish Scenario:
On the other hand, if the triangle pattern breaks to the upside, Bitcoin could retest the upper boundary of the channel around $68,500 - $69,000. A decisive breakout above this channel would invalidate the bearish channel pattern and could set up a potential move toward the $70,000 - $73,000 levels, provided that buying volume supports the move.
If the price fails to break the upper boundary of the descending channel and the small triangle pattern breaks to the downside, we could see a retracement toward the mid-channel area of $64,000, with further downside potentially extending toward the lower channel boundary around $53,000. This move would align with the weakening indicators, such as the RSI and MACD, which are showing signs of bearish momentum.
Bullish Scenario:
On the other hand, if the triangle pattern breaks to the upside, Bitcoin could retest the upper boundary of the channel around $68,500 - $69,000. A decisive breakout above this channel would invalidate the bearish channel pattern and could set up a potential move toward the $70,000 - $73,000 levels, provided that buying volume supports the move.
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.
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.