BITCOIN daily time frame. Price testing a crucial support level
BTC/USD – Daily Chart Analysis (Feb 13, 2025)
📊 Market Structure:
Rising Wedge Pattern: BTC is currently trading inside a rising wedge, which is typically a bearish reversal pattern.
Key Horizontal Support Levels:
$73,074 – Strong previous support, potential target if a breakdown occurs.
$55,247 – Major support zone from past price action.
🔑 Key Technical Indicators:
RSI at 43.52: Shows weakening momentum but not yet in oversold territory.
Volume Decline: Volume appears to be decreasing, which may indicate a loss of bullish momentum.
📈 Bullish Scenario:
BTC needs to hold the lower boundary of the wedge (~$95,000).
A breakout above the wedge (~$100,000-$105,000) could push BTC to new highs, possibly testing $110,000+.
📉 Bearish Scenario:
A breakdown of the wedge could trigger a sharp decline toward $73,000 first.
If selling pressure increases, BTC could even drop further to $55,000, a major support area.
📌 Conclusion: BTC is at a critical point—if it breaks above the wedge, we may see further upside. However, a breakdown could lead to a correction toward lower support levels. Traders should watch the wedge breakout/breakdown carefully! 🚀📉
📊 Market Structure:
Rising Wedge Pattern: BTC is currently trading inside a rising wedge, which is typically a bearish reversal pattern.
Key Horizontal Support Levels:
$73,074 – Strong previous support, potential target if a breakdown occurs.
$55,247 – Major support zone from past price action.
🔑 Key Technical Indicators:
RSI at 43.52: Shows weakening momentum but not yet in oversold territory.
Volume Decline: Volume appears to be decreasing, which may indicate a loss of bullish momentum.
📈 Bullish Scenario:
BTC needs to hold the lower boundary of the wedge (~$95,000).
A breakout above the wedge (~$100,000-$105,000) could push BTC to new highs, possibly testing $110,000+.
📉 Bearish Scenario:
A breakdown of the wedge could trigger a sharp decline toward $73,000 first.
If selling pressure increases, BTC could even drop further to $55,000, a major support area.
📌 Conclusion: BTC is at a critical point—if it breaks above the wedge, we may see further upside. However, a breakdown could lead to a correction toward lower support levels. Traders should watch the wedge breakout/breakdown carefully! 🚀📉
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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.
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.