BITCOIN UPDATE !
Bitcoin continues to consolidate within the descending broadening wedge pattern. The price recently faced rejection at the upper resistance level, indicating a potential downward move.
The repeated rejection at the upper boundary suggests strong selling pressure at the current levels.
The chart highlights multiple bearish formations, each leading to significant drops, which could indicate a similar scenario if the price fails to break out.
The green trendline and the lower yellow zone are potential support areas where buyers might step in.
A short position could be considered if the price is rejected at the upper resistance.
Place a stop-loss slightly above the resistance zone to minimize potential losses.
Target the lower support area around the $51,650 to $50,650 range for potential take-profit levels.
Monitoring Bitcoin's behavior near the wedge's upper boundary is crucial to anticipate the next move.
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
You can DM us for information on any other coin.
@Peter_CSAdmin
The repeated rejection at the upper boundary suggests strong selling pressure at the current levels.
The chart highlights multiple bearish formations, each leading to significant drops, which could indicate a similar scenario if the price fails to break out.
The green trendline and the lower yellow zone are potential support areas where buyers might step in.
A short position could be considered if the price is rejected at the upper resistance.
Place a stop-loss slightly above the resistance zone to minimize potential losses.
Target the lower support area around the $51,650 to $50,650 range for potential take-profit levels.
Monitoring Bitcoin's behavior near the wedge's upper boundary is crucial to anticipate the next move.
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
You can DM us for information on any other coin.
@Peter_CSAdmin
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