"Persisting Bitcoin Bearish Sentiment: >30% Downside Potential?"
Updated
Since March 2022, Bitcoin has exhibited a persistent pattern of lower lows and lower highs, indicating an ongoing bearish sentiment. Notably, recent price fluctuations have repeatedly failed to breach the 32,550 resistance level, which had previously served as a support zone. Instead, the price encountered this zone twice in retests before resuming its downward trajectory. This bearish momentum has been underscored by a significant breakout below the bullish trendline, accompanied by the emergence of an assertive bearish Marubozu Candlestick.
Furthermore, the formation of a double-top pattern is noteworthy, and a subsequent breakout from this pattern would serve as a compelling entry trigger, confirming the continuation of the bearish trend toward the designated target area. Collectively, these technical indicators suggest a sustained bearish bias for Bitcoin's price movement
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
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Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered as a recommendation to take a long or short position on
BTCUSDT ".
Furthermore, the formation of a double-top pattern is noteworthy, and a subsequent breakout from this pattern would serve as a compelling entry trigger, confirming the continuation of the bearish trend toward the designated target area. Collectively, these technical indicators suggest a sustained bearish bias for Bitcoin's price movement
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered as a recommendation to take a long or short position on
BTCUSDT ".Note
Waiting for the base breakout
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