Hello traders, in today’s Bitcoin analysis, we are going to look at recent price action developments and the rejection that occurred in the past 12 hours.
Bitcoin remains within a descending triangle, printing consecutive lower lows and lower highs. The latest move saw an impulse pump into the 0.618 Fibonacci level, aligning perfectly with the descending channel range high. This resulted in a rejection, reinforcing the probability of a move lower.
Key Points:
• BTC is trading within a descending triangle with a clear lower high and lower low structure.
• The recent rejection occurred at the 0.618 Fibonacci level, aligning with the channel range high.
• The next key support is at the lower channel boundary around $65,500.
Bitcoin’s price action has solidified this descending trading channel, and until a breakout occurs, the market will likely continue to respect this structure. If sellers maintain control, a move toward the channel low remains the most probable scenario.
However, BTC can still range within this formation until a decisive break occurs. Traders should keep an eye on key support and resistance levels, as any strong reaction at these areas could indicate the next major move
Bitcoin remains within a descending triangle, printing consecutive lower lows and lower highs. The latest move saw an impulse pump into the 0.618 Fibonacci level, aligning perfectly with the descending channel range high. This resulted in a rejection, reinforcing the probability of a move lower.
Key Points:
• BTC is trading within a descending triangle with a clear lower high and lower low structure.
• The recent rejection occurred at the 0.618 Fibonacci level, aligning with the channel range high.
• The next key support is at the lower channel boundary around $65,500.
Bitcoin’s price action has solidified this descending trading channel, and until a breakout occurs, the market will likely continue to respect this structure. If sellers maintain control, a move toward the channel low remains the most probable scenario.
However, BTC can still range within this formation until a decisive break occurs. Traders should keep an eye on key support and resistance levels, as any strong reaction at these areas could indicate the next major move
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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.
Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
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.