BITCOIN daily time frame. Price testing a crucial support level
BTC/USD – Daily Chart Analysis (Feb 13, 2025)
📊 Market Structure:
Rising Wedge Pattern: BTC is currently trading inside a rising wedge, which is typically a bearish reversal pattern.
Key Horizontal Support Levels:
$73,074 – Strong previous support, potential target if a breakdown occurs.
$55,247 – Major support zone from past price action.
🔑 Key Technical Indicators:
RSI at 43.52: Shows weakening momentum but not yet in oversold territory.
Volume Decline: Volume appears to be decreasing, which may indicate a loss of bullish momentum.
📈 Bullish Scenario:
BTC needs to hold the lower boundary of the wedge (~$95,000).
A breakout above the wedge (~$100,000-$105,000) could push BTC to new highs, possibly testing $110,000+.
📉 Bearish Scenario:
A breakdown of the wedge could trigger a sharp decline toward $73,000 first.
If selling pressure increases, BTC could even drop further to $55,000, a major support area.
📌 Conclusion: BTC is at a critical point—if it breaks above the wedge, we may see further upside. However, a breakdown could lead to a correction toward lower support levels. Traders should watch the wedge breakout/breakdown carefully! 🚀📉
📊 Market Structure:
Rising Wedge Pattern: BTC is currently trading inside a rising wedge, which is typically a bearish reversal pattern.
Key Horizontal Support Levels:
$73,074 – Strong previous support, potential target if a breakdown occurs.
$55,247 – Major support zone from past price action.
🔑 Key Technical Indicators:
RSI at 43.52: Shows weakening momentum but not yet in oversold territory.
Volume Decline: Volume appears to be decreasing, which may indicate a loss of bullish momentum.
📈 Bullish Scenario:
BTC needs to hold the lower boundary of the wedge (~$95,000).
A breakout above the wedge (~$100,000-$105,000) could push BTC to new highs, possibly testing $110,000+.
📉 Bearish Scenario:
A breakdown of the wedge could trigger a sharp decline toward $73,000 first.
If selling pressure increases, BTC could even drop further to $55,000, a major support area.
📌 Conclusion: BTC is at a critical point—if it breaks above the wedge, we may see further upside. However, a breakdown could lead to a correction toward lower support levels. Traders should watch the wedge breakout/breakdown carefully! 🚀📉
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.