1. Rising Wedge Pattern
The daily chart shows a Rising Wedge formation – a technical pattern that often signals a potential trend reversal downward.
Moreover, the price increase is accompanied by decreasing volume, reinforcing the likelihood of an upcoming correction.
(Source: Investopedia)
2. Indicators in Overbought Territory
RSI (Relative Strength Index): above 70 – signals overbought conditions.
CCI (Commodity Channel Index): above 100 – also signals overbought.
Williams %R: above -20 – again, confirms excessive buying pressure.
These conditions typically indicate market exhaustion and a high chance of short-term pullback.
(Source: CentralCharts)
3. Bearish Harami Candlestick Pattern
A Bearish Harami has formed on the chart – a potential reversal pattern, especially after an uptrend.
It often marks a shift in market sentiment and weakening momentum.
4. Bearish Divergence
There is a clear bearish divergence between price and RSI – while price makes new highs, RSI is trending lower.
This classic signal suggests weakening buying power and a possible trend reversal.
(Source: CentralCharts)
🧭 Key Support Levels to Watch
$107,000: first minor support area.
$100,000: a strong psychological support level.
$92,000: deeper support, aligned with historical trading zones and moving averages.
📊 Summary
While Bitcoin’s long-term trend remains bullish, the short-term indicators suggest a potential correction.
Traders looking for short opportunities should monitor the technical signals above and use key support zones as potential profit targets.
The daily chart shows a Rising Wedge formation – a technical pattern that often signals a potential trend reversal downward.
Moreover, the price increase is accompanied by decreasing volume, reinforcing the likelihood of an upcoming correction.
(Source: Investopedia)
2. Indicators in Overbought Territory
RSI (Relative Strength Index): above 70 – signals overbought conditions.
CCI (Commodity Channel Index): above 100 – also signals overbought.
Williams %R: above -20 – again, confirms excessive buying pressure.
These conditions typically indicate market exhaustion and a high chance of short-term pullback.
(Source: CentralCharts)
3. Bearish Harami Candlestick Pattern
A Bearish Harami has formed on the chart – a potential reversal pattern, especially after an uptrend.
It often marks a shift in market sentiment and weakening momentum.
4. Bearish Divergence
There is a clear bearish divergence between price and RSI – while price makes new highs, RSI is trending lower.
This classic signal suggests weakening buying power and a possible trend reversal.
(Source: CentralCharts)
🧭 Key Support Levels to Watch
$107,000: first minor support area.
$100,000: a strong psychological support level.
$92,000: deeper support, aligned with historical trading zones and moving averages.
📊 Summary
While Bitcoin’s long-term trend remains bullish, the short-term indicators suggest a potential correction.
Traders looking for short opportunities should monitor the technical signals above and use key support zones as potential profit targets.
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.