$BTC : Update & A Friend's Chart Analysis‼️ 📈
Hey everyone! Here's a quick and easy-to-understand breakdown of the current Bitcoin market.
Current Price Action
$BTC is holding strong above a key support zone between $114,000 and $115,000 which is a great sign for the bulls. If the price can bounce from here, we could see some solid upward momentum. 💪
However, if it fails to hold this level, we might retest the next major support area around $113,000 to $110,000.
Chart Patterns to Watch 🔍
My friend pointed out a Rising Wedge pattern on the daily chart. A rising wedge is typically a bearish signal, and we've seen a breakdown and retest of this pattern. 📉
But there's another side to the story! We've also seen a Double Bottom pattern on the daily chart, which is a classic bullish reversal signal. This suggests that buying pressure is building up. 🚀
What's Next?
The market is currently in a battle between bullish and bearish signals. To invalidate the bearish rising wedge pattern, we need a clean break and daily close above $120,000.
Right now, $BTC is holding a minor support level, which is a good sign. But the most crucial support is still the $110,000 to $113,000 zone. A drop below this level could confirm the bearish rising wedge scenario.
Trade wisely and keep an eye on these key levels to monitor the next move.
And also shares your opinion I like to hear your thoughts !
