Bitcoin has officially broken down from its descending wedge pattern, slipping below key trendline support. This signals a potential continuation to lower levels unless bulls step in aggressively.
Pattern Breakdown:
📉 Descending Wedge Breakdown – Bitcoin was consolidating within a wedge formation, but the lower trendline has now been breached, confirming a bearish move. The increase in volume suggests strong selling pressure.
Key Levels to Watch:
🔴 Resistance: $99,563 - $100,763 (previous supply zone)
🟢 Support: $92,247 (minor), $89,067 (critical), and $76,612 as a major downside target
🔹 200 EMA (Daily): $85,683 – Potential dynamic support
🔹 200 SMA (Weekly): $44,417 – Long-term floor
What’s Next?
Bottom line: Bitcoin is at a critical level—either we see a strong bounce soon, or lower supports will come into play. A descending wedge breakdown often leads to further downside unless bulls reclaim key levels fast.
Pattern Breakdown:
📉 Descending Wedge Breakdown – Bitcoin was consolidating within a wedge formation, but the lower trendline has now been breached, confirming a bearish move. The increase in volume suggests strong selling pressure.
Key Levels to Watch:
🔴 Resistance: $99,563 - $100,763 (previous supply zone)
🟢 Support: $92,247 (minor), $89,067 (critical), and $76,612 as a major downside target
🔹 200 EMA (Daily): $85,683 – Potential dynamic support
🔹 200 SMA (Weekly): $44,417 – Long-term floor
What’s Next?
- If Bitcoin fails to reclaim the $92,247 - $93,000 zone, we could see a deeper correction.
- Volume is rising on this breakdown, reinforcing the bearish outlook.
- Bulls need to reclaim the broken trendline and break back above the 9 EMA ($94,712) to regain control.
Bottom line: Bitcoin is at a critical level—either we see a strong bounce soon, or lower supports will come into play. A descending wedge breakdown often leads to further downside unless bulls reclaim key levels fast.
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.
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.