Hello traders, I want share with you my opinion about Bitcoin. After consolidating for an extended period within a triangle pattern, the price eventually broke out with strong bullish momentum. The move was supported by a solid rebound from the buyer zone and a clean breakout above the 92800 - 94200 support area. This breakout initiated a steep climb, forming a new upward wedge structure, defined by narrowing trend lines and rising local highs. Currently, the price is trading near the resistance boundary of the wedge, around the 104000 - 105000 zone. This zone has already triggered one rejection and is showing signs of weakening bullish strength. Given the rising wedge geometry and the fading impulse strength, the risk of a correction is increasing. The current structure typically leads to a pullback, especially after such a steep rise. I expect that BTC may rise to the resistance line of the wedge and then drop below the support line, thereby exiting from this pattern. That's why I set my TP 1 at the 100K points. Please share this idea with your friends and click Boost 🚀
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Ok, little price declined. For this case, I think it can continue to fall and exit from a wedge.
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💰Want receive more profitable signals for Crypto & Forex market, write me 👉 bit.ly/4fNijD8
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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.