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Technical analysis for Bitcoin/USD pair | Areas and Momentum
Technical analysis for Bitcoin/USD pair | Areas and Momentum
Hello, the Bitcoin/USD pair has completed an upward wave of five waves and entered a corrective structure of A-B-C, with the possibility of targeting wave C at lower levels. Many traders are waiting for reversal signals, targeting the $88,000 - $91,000 area. If these levels are broken, they expect a decline towards $68,000 - $62,000. 😐 A clear breakout above $112,000 will invalidate this bearish scenario. __ 🎙️ So, what are we saying? What we have here, I will call it market manipulation. The current candle price momentum is bullish, but it indicates that wave C is unstable. The rise from wave C faces a challenge from the resistance area that is pressing on wave B, forming bearish liquidity. Overall, there is bullish momentum within a bearish area. What we might see is the formation of a (H) pattern leading to a bottom, which will be crucial for what happens later. In fact, a lower high (LH) must occur to break wave C to form a bearish signal.