The chart reveals a classic distribution pattern in the Bitcoin market, marked by a significant peak followed by a consolidation phase. Distribution occurs after a strong uptrend, and as the price stalls and starts to move lower, it signals a potential reversal.
Our target is set at the 50% retracement level of the upmove, located around $78,682. This level represents a key support area and is a typical target for a corrective pullback after a distribution phase.
Price has shown weakness at the recent highs, and as we move forward, we anticipate further downside toward this target zone which would offer a nice buying opportunity in discount for further upside.
Our target is set at the 50% retracement level of the upmove, located around $78,682. This level represents a key support area and is a typical target for a corrective pullback after a distribution phase.
Price has shown weakness at the recent highs, and as we move forward, we anticipate further downside toward this target zone which would offer a nice buying opportunity in discount for further upside.
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💎💎- Professional Trader
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
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.