Bitcoin has broken down from a rising wedge pattern after facing resistance around the $104,500 mark. This bearish breakout suggests that the recent bullish momentum is weakening, and we could see a deeper correction in the short term.
Key Technical Insights:
Price was climbing steadily within a rising wedge, a typically bearish structure.
The wedge has now broken to the downside, indicating potential seller dominance.
Price is currently retesting the broken structure and resistance zone near $104,500.
If the retest holds, we could see a bearish continuation toward the key target at $99,100.
Trade Idea (for educational purposes):
Bias: Bearish
Resistance Zone: $104,000 – $104,500
Target Zone: $99,100
Invalidation: A strong move above the resistance zone may negate this setup.
Conclusion:
The bearish breakdown of the rising wedge points to a potential short-term correction. If the price respects the current resistance zone, there is a high probability of reaching the $99,100 support area. Always wait for confirmation and manage risk appropriately.
Key Technical Insights:
Price was climbing steadily within a rising wedge, a typically bearish structure.
The wedge has now broken to the downside, indicating potential seller dominance.
Price is currently retesting the broken structure and resistance zone near $104,500.
If the retest holds, we could see a bearish continuation toward the key target at $99,100.
Trade Idea (for educational purposes):
Bias: Bearish
Resistance Zone: $104,000 – $104,500
Target Zone: $99,100
Invalidation: A strong move above the resistance zone may negate this setup.
Conclusion:
The bearish breakdown of the rising wedge points to a potential short-term correction. If the price respects the current resistance zone, there is a high probability of reaching the $99,100 support area. Always wait for confirmation and manage risk appropriately.
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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.