Pattern Breakdown
Formation:
The chart displays a rounding top shape, where BTC price gradually increased, peaked, and then started declining.
The red shaded area represents the curved top, confirming a distribution phase.
Key Levels:
Peak: Around $110,000 (approx.).
Neckline/Support: ~$90,000, which was broken to the downside.
Measured Move: The expected drop is roughly equal to the height of the rounding top, which was around $21,300.
Breakdown & Target:
The price has broken below the $90,000 support level, confirming the pattern.
The expected price target based on the pattern is around $70,000, calculated using the height of the round top.
Additional Observations
Volume: There is an increase in volume at the breakdown point, which validates the bearish move.
Momentum: If BTC fails to reclaim $90,000, it may continue downward.
Conclusion
The chart signals a bearish trend continuation after breaking the neckline.
BTC could drop towards $70,000 unless buyers step in to regain momentum.
If BTC reclaims $90,000, the bearish scenario could be invalidated.
Formation:
The chart displays a rounding top shape, where BTC price gradually increased, peaked, and then started declining.
The red shaded area represents the curved top, confirming a distribution phase.
Key Levels:
Peak: Around $110,000 (approx.).
Neckline/Support: ~$90,000, which was broken to the downside.
Measured Move: The expected drop is roughly equal to the height of the rounding top, which was around $21,300.
Breakdown & Target:
The price has broken below the $90,000 support level, confirming the pattern.
The expected price target based on the pattern is around $70,000, calculated using the height of the round top.
Additional Observations
Volume: There is an increase in volume at the breakdown point, which validates the bearish move.
Momentum: If BTC fails to reclaim $90,000, it may continue downward.
Conclusion
The chart signals a bearish trend continuation after breaking the neckline.
BTC could drop towards $70,000 unless buyers step in to regain momentum.
If BTC reclaims $90,000, the bearish scenario could be invalidated.
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.
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.