The chart shows that Bitcoin is facing a significant rejection near the QML (Quasimodo Line), indicating a strong supply zone.
Price has failed to break through the supply zone, resulting in a potential double-top pattern, a bearish signal.
There is a strong support level of around $57,250, which acts as a potential reversal point.
The price is currently retracing after being rejected from the resistance, and a further drop towards the support level is expected.
If Bitcoin reaches this support zone, a reversal is possible, indicated by the upward trajectory in the projection.
However, if this support fails, further downside movement could occur.
Summary of Key Points:
Price rejection at QML (supply zone).
Expected drop towards the $57,250 support.
Potential for a bounce and reversal from this support area.
Risk remains high due to uncertain price direction until support is tested.
Risk Note:
This setup carries a high risk, as a failure to hold the support level could lead to significant downside, and confirmation of reversal is yet to be seen. Always use appropriate risk management strategies.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
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.