The chart explanation is based on candlestick reading as it stands now, then I added some additional information. The bearish bias has been confirmed in the short term.
The green line indicates Bitcoin's all-time high.
Like the dark red line above the previous all-time high recorded on January 20, 2025, while the dotted dark red line represents the highest level recorded from December 17, 2024.
Bitcoin (BTCUSDT) is now trading below the three daily levels.
Right after the all-time high recorded on May 23, we have a full red candle.
The full red candle represents rejection, as Bitcoin produced this new level, which is also a double top technically.
After three days of green, Bitcoin produced a lower high in the form of a doji candle on May 27. This doji candle confirms the candle of May 23.
Today, May 28, Bitcoin shows a red candle continuing the movement of May 23 and 27.
The trading volume is very low. $XRP
Large institutions are buying and always tend to buy at the highest price. This rise does not mean a rise anymore. A correction is coming.
Resistance has been confirmed; how can Bitcoin return to rise in the short term?
It needs to move and close above the all-time high daily. Any decline allows you to short sell.
The fact that Bitcoin closed seven consecutive weeks in the green, with its decline in the last few weeks, is a sign of exhaustion, and the market is looking for relief.
The pullback can turn into a correction, and if panic prevails, the correction may turn into a collapse.
However, it is still early, but these things tend to collapse very quickly.
Are you paying attention?
What will happen now?
The upward trend relies on higher highs and higher lows. The larger structure is unlikely to break, but Bitcoin is on the decline; it doesn't matter if it's in the short term or the medium term... Do what you need to do to protect yourself or secure your profits. You can never go wrong if you take some profits when your pairs grow by 300 to 500%. If you are waiting for more, and forever, you are just a greedy trader.
Thank you very much for your continued support.
Take the profit and forget the greed.
Winner, winner, winner. You will have the chance to play again.
Plan before you buy. Make a plan and use this trading plan to achieve success in trading.
Whatever you do, it's up to you.
I am just reading the chart. And for the comments #TradingTypes101