Bitcoin has now closed below the multi-week ascending trendline on the daily chart โ the same trendline that defined the entire Phase D markup structure.
โธป
๐ Breakdown Highlights:
๐ Daily Close: 107,764 โ well below trendline โ
๐ป Volume: 18.42M (near 20-day average) โ not a panic candle, but confirms exit โ
๐ Fibonacci Cluster: 0.5 (107,093) and 0.618 (105,495) now in play โ
โ ๏ธ RSI (14): 61.14 โ still neutral, but diverging from price โ
๐งฑ Next supports:
โข 106,146 = BB basis
โข 105,821 = BC Pole End
โข 104,000 = Point of control from volume profile
โธป
๐งฉ Structural Impact (Wyckoff View):
โข โ Trendline break = Phase D invalidated
โข โ No breakout above ATH (109,852) after 3 attempts
โข ๐ Still not fully invalidated โ if 105.8K holds, Spring-like scenario still possible
โข ๐ป Close below 105.8K = Phase C fails โ transition into Redistribution
โธป
โ ๏ธ What to Watch Next:
โข Bounce from 106.1โ105.5K with volume could offer one last recovery setup
โข A close below 105.8K confirms structural invalidation
โธป
๐ง Final Take:
The trendline break is real. Bulls need to defend the Fibonacci cluster + BC base around 105.8K. If that gives way, this becomes a failed reaccumulation and BTC risks a deeper structural rotation.
#Bitcoin #BTCUSDT #Breakdown #Trendline #TechnicalAnalysis #Wyckoff #BTC #CryptoMarkets #BTCdaily
โธป
๐ Breakdown Highlights:
๐ Daily Close: 107,764 โ well below trendline โ
๐ป Volume: 18.42M (near 20-day average) โ not a panic candle, but confirms exit โ
๐ Fibonacci Cluster: 0.5 (107,093) and 0.618 (105,495) now in play โ
โ ๏ธ RSI (14): 61.14 โ still neutral, but diverging from price โ
๐งฑ Next supports:
โข 106,146 = BB basis
โข 105,821 = BC Pole End
โข 104,000 = Point of control from volume profile
โธป
๐งฉ Structural Impact (Wyckoff View):
โข โ Trendline break = Phase D invalidated
โข โ No breakout above ATH (109,852) after 3 attempts
โข ๐ Still not fully invalidated โ if 105.8K holds, Spring-like scenario still possible
โข ๐ป Close below 105.8K = Phase C fails โ transition into Redistribution
โธป
โ ๏ธ What to Watch Next:
โข Bounce from 106.1โ105.5K with volume could offer one last recovery setup
โข A close below 105.8K confirms structural invalidation
โธป
๐ง Final Take:
The trendline break is real. Bulls need to defend the Fibonacci cluster + BC base around 105.8K. If that gives way, this becomes a failed reaccumulation and BTC risks a deeper structural rotation.
#Bitcoin #BTCUSDT #Breakdown #Trendline #TechnicalAnalysis #Wyckoff #BTC #CryptoMarkets #BTCdaily
Trade closed: target reached
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Protect your Bitcoin investment with our realtime alerts and fully automate your trading.ย No more sleepless nights, black swans, rug pulls, whale pump & dumps or getting sidelined.
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.