Bitcoin Falling WedgeBitcoin (BTC/USD) Daily Chart Analysis – April 2, 2025
Market Structure & Pattern:
Bitcoin is currently trading around $84,346, experiencing a slight decline of -0.97% for the day.
The chart shows a falling wedge pattern, a potential bullish reversal structure. A breakout above the upper trendline could signal upward momentum.
Key support at $74,400, marked by a strong horizontal level.
Major resistance near $100,000 - $105,000, where sellers may become aggressive.
Potential Scenarios:
Bullish Breakout:
If BTC breaks above the falling wedge resistance, the next target would be $100,000 - $105,000.
Confirmation would come with increased volume and a break above $90,000.
Bearish Breakdown:
Failure to hold the $74,400 support could result in a decline towards $55,000 - $50,000, a historical demand zone.
RSI (Relative Strength Index) is at 47, near the neutral zone, meaning BTC is not yet in oversold territory.
Key Levels to Watch:
Resistance: $90,000 → $100,000 - $105,000
Support: $74,400 → $55,000 - $50,000
Breakout confirmation: Above $90,000
Breakdown confirmation: Below $74,000
Trading Strategy:
Long entry: If BTC breaks and closes above $90,000, targeting $100,000+.
Short entry: If BTC loses $74,400 support, targeting $55,000.
Conclusion:
The falling wedge suggests a potential breakout, but BTC needs to clear $90,000 for bullish confirmation.
The RSI is neutral, indicating BTC is neither overbought nor oversold.
Monitor volume for breakout confirmation.
