Bitcoin is showing clear signs of a breakdown from a rising wedge pattern, a classic bearish reversal structure. The chart suggests that BTC failed to sustain momentum above key moving averages and is now heading toward critical support zones.
Key Observations:
🔹 Rising Wedge Breakdown: BTC recently broke below a rising wedge, indicating potential further downside.
🔹 Moving Averages as Resistance: The 200 SMA (blue) and 50 SMA (yellow) are acting as resistance, confirming bearish momentum.
🔹 Support & Target Levels:
First Target: Around $79,845 - $78,516, aligning with previous structure support.
Second Target: $75,762 - $72,500, where strong demand could emerge.
What’s Next?
Bearish Case: If Bitcoin fails to hold the $78,000-$79,000 zone, we could see further declines toward $72,500.
Bullish Rebound: A strong bounce from support levels could push BTC back toward $85,000, but it needs to reclaim key moving averages to confirm strength.
🚨 Final Thought: Bitcoin bulls need to step in soon, or we might see deeper corrections ahead. #DeathCross
Key Observations:
🔹 Rising Wedge Breakdown: BTC recently broke below a rising wedge, indicating potential further downside.
🔹 Moving Averages as Resistance: The 200 SMA (blue) and 50 SMA (yellow) are acting as resistance, confirming bearish momentum.
🔹 Support & Target Levels:
First Target: Around $79,845 - $78,516, aligning with previous structure support.
Second Target: $75,762 - $72,500, where strong demand could emerge.
What’s Next?
Bearish Case: If Bitcoin fails to hold the $78,000-$79,000 zone, we could see further declines toward $72,500.
Bullish Rebound: A strong bounce from support levels could push BTC back toward $85,000, but it needs to reclaim key moving averages to confirm strength.
🚨 Final Thought: Bitcoin bulls need to step in soon, or we might see deeper corrections ahead. #DeathCross
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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.
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.