hello guys.
🔻 1. Bearish Channel
Bitcoin is currently respecting a downward-sloping channel with lower highs and lower lows.
Every attempt to break the upper boundary has been met with rejection, confirming bearish pressure.
🔁 2. Retest of Former Trendline
The former ascending trendline (drawn from 2023’s bottom) was broken and recently retested as resistance, failing to flip it back to support.
This retest often signals confirmation of trend reversal.
🧱 3. Critical Support Zone: $62K–
65K
This zone served as a strong accumulation range in the past and aligns with the current downside target.
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🔮 What’s Next?
Based on this pattern and price behavior:
Bitcoin may continue its bearish descent, following the projected zig-zag pattern in the channel.
The next significant bounce area lies around $64,000, aligning with both volume-based support and previous breakout zones.
🔻 1. Bearish Channel
Bitcoin is currently respecting a downward-sloping channel with lower highs and lower lows.
Every attempt to break the upper boundary has been met with rejection, confirming bearish pressure.
🔁 2. Retest of Former Trendline
The former ascending trendline (drawn from 2023’s bottom) was broken and recently retested as resistance, failing to flip it back to support.
This retest often signals confirmation of trend reversal.
🧱 3. Critical Support Zone: $62K–
65KThis zone served as a strong accumulation range in the past and aligns with the current downside target.
____________________________
🔮 What’s Next?
Based on this pattern and price behavior:
Bitcoin may continue its bearish descent, following the projected zig-zag pattern in the channel.
The next significant bounce area lies around $64,000, aligning with both volume-based support and previous breakout zones.
Note
The Broken Trendline:Note
This S&P level was touched three times, and this touching made it so week for breaking down!
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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 recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.