I’ve been outlining this rising wedge pattern for a while now, but here’s the key difference this time: what was previously resistance has now flipped into support. That shift is a critical technical milestone a major test for Bitcoin’s price action.
Now, let’s talk scenarios:
• If this bearish wedge gets invalidated, we’re looking at a target of $163K—a massive breakout that aligns with broader market momentum.
• However, if it fails to hold, we risk breaking down into an M-formation, potentially dropping towards the $80K level.
This week is a decisive inflection point. Watch the previous resistance-now-support line closely. It’s also worth noting that the 4H 200MA aligns almost perfectly with this support level, adding confluence to this critical zone.
Bottom line:
We’re at a pivotal historical moment for Bitcoin, a true make-or-break situation. Stay sharp, stay nimble, and respect your risk management.
Now, let’s talk scenarios:
• If this bearish wedge gets invalidated, we’re looking at a target of $163K—a massive breakout that aligns with broader market momentum.
• However, if it fails to hold, we risk breaking down into an M-formation, potentially dropping towards the $80K level.
This week is a decisive inflection point. Watch the previous resistance-now-support line closely. It’s also worth noting that the 4H 200MA aligns almost perfectly with this support level, adding confluence to this critical zone.
Bottom line:
We’re at a pivotal historical moment for Bitcoin, a true make-or-break situation. Stay sharp, stay nimble, and respect your risk management.
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.