What’s visible on the 
BTCUSDT.P chart:
📈 Rising Wedge:
➡️ This is a potentially bearish pattern forBTCUSDT.P , especially when it appears after a strong rally following a deep drop (which is exactly the case here).
➡️ The price has almost reached the upper boundary of the wedge and has already formed a second top (Top 2) — a signal of possible weakness.
🔵 Levels:
➡️ POCBTCUSDT.P — $82,490.8 has already been broken to the upside, indicating current market strength.
➡️ The price is approaching major resistance at $83,807.1 — momentum is already slowing down in this zone.
➡️ Support remains in the $80,449.7 – $78,412.7 area.
📊 Volume:
➡️ The rally was supported by high volume, but the most recent candles show declining volume as the price nears the top of the wedge.
➡️ This could indicate weakening buying pressure.
📉 Why it’s important to be cautious with long positions:
➡️ A rising wedge can act as a bull trap.
➡️ The price is near a critical resistance — even a small pullback could lead to a wedge breakdown.
➡️ After such a steep run (from 73K to almost 84K), the chance of profit-taking and a pullback is high.
➡️ Volume is declining — bullish momentum may be fading.
📢 Conclusion:
➡️ Opening aBTCUSDT.P long position right now is risky because:
- the wedge structure suggests a potential reversal to the downside;
- there’s no breakout above the previous high with confirmation;
- and volume does not support further upward movement.
❗️ It's better to watch how the price reacts to the wedge andBTCUSDT.P key levels — a long entry is only valid if the price breaks and holds above $83,800–84,000 with strong volume.
➡️ Until then, a neutral or cautiously bearish position is more appropriate.
BTCUSDT.P chart:📈 Rising Wedge:
➡️ This is a potentially bearish pattern for
BTCUSDT.P , especially when it appears after a strong rally following a deep drop (which is exactly the case here).➡️ The price has almost reached the upper boundary of the wedge and has already formed a second top (Top 2) — a signal of possible weakness.
🔵 Levels:
➡️ POC
BTCUSDT.P — $82,490.8 has already been broken to the upside, indicating current market strength.➡️ The price is approaching major resistance at $83,807.1 — momentum is already slowing down in this zone.
➡️ Support remains in the $80,449.7 – $78,412.7 area.
📊 Volume:
➡️ The rally was supported by high volume, but the most recent candles show declining volume as the price nears the top of the wedge.
➡️ This could indicate weakening buying pressure.
📉 Why it’s important to be cautious with long positions:
➡️ A rising wedge can act as a bull trap.
➡️ The price is near a critical resistance — even a small pullback could lead to a wedge breakdown.
➡️ After such a steep run (from 73K to almost 84K), the chance of profit-taking and a pullback is high.
➡️ Volume is declining — bullish momentum may be fading.
📢 Conclusion:
➡️ Opening a
BTCUSDT.P long position right now is risky because:- the wedge structure suggests a potential reversal to the downside;
- there’s no breakout above the previous high with confirmation;
- and volume does not support further upward movement.
❗️ It's better to watch how the price reacts to the wedge and
BTCUSDT.P key levels — a long entry is only valid if the price breaks and holds above $83,800–84,000 with strong volume.➡️ Until then, a neutral or cautiously bearish position is more appropriate.
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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.