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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