Bitcoin’s daily chart is forming a rising wedge, a technical pattern that often precedes a downward breakout. This pattern is characterized by converging trendlines sloping upwards, indicating weakening bullish momentum. Analysts have noted that such formations typically resolve with a bearish move, especially when accompanied by declining volume and overbought conditions .   
📊 Key Levels to Monitor
• Breakout Point: Approximately $116,100.
• Stop-Loss (SL): Around $125,700.
• First Profit Target: Near $107,600, aligning with strong horizontal support.
• Second Profit Target: Around $101,300. 
These levels suggest a potential decline if the bearish trend materializes.
📉 Market Sentiment: Extreme Greed
Current market sentiment is at “extreme greed,” which historically correlates with market tops and potential reversals. Coupled with the structural shift and the presence of a CME gap, these factors increase the likelihood of a downturn
⚠️ Caution Advised
Given the current risk/reward ratio of approximately 1:1.5, this trade may not be ideal for all investors. The market’s bearish outlook suggests caution, and it might be prudent to wait for clearer confirmation before entering any positions.
Remember, while technical patterns provide insights, they are not foolproof. Always consider your risk tolerance and conduct thorough research before making investment decisions
