BTC/USD Technical Analysis (Updated Bearish Scenario)Will BTC go down to 72k?
In my previous Analysis I talked about BTC consolidating within a symmetrical triangle pattern indicating indecision in the market.
first BTC has broken down from the symmetric triangle with a bearish engulfing candle, indicating bears has enter the market.
Secondly BTC has broken the Blue support zone indicating more bears confirmation.
for now I will advice to wait for a retest towards the blue zone or towards symmetric triangle then look for entry pattern for a sell/short position.
Key Bearish Levels to Watch:
Support: $72,000 is the main level to monitor. A strong reaction here could lead to a temporary bounce.
Breakdown Risk: If BTC fails to hold $72,000, increased selling pressure could drive further downside.
Bearish Confirmation:
Sustained trading below $72,000 could signal continuation of the downtrend.
Low buying volume at this level would indicate weak support and higher chances of a breakdown.
RSI and momentum indicators turning oversold could hint at a short-term relief bounce.
Potential Scenarios:
1. If BTC Holds $72,000: A consolidation or bounce could occur, leading to a possible recovery.
