Trisha_Saha
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Bitcoin in a Descending Channel
$BTC
Hello guys!
BTC is currently trading within a well-defined descending channel, showing consistent lower highs and lower lows since mid-March.
Descending Channel: The upper and lower boundaries have acted as reliable resistance and support zones.Double Bottom Pattern: Price action recently formed a double bottom near the $75,000 zone (marked "HUNT2"), which is typically a bullish reversal signal.Breakout Target: The neckline breakout from the double bottom targets the $85,000โ86,000 zone, which aligns with the upper boundary of the channel โ a confluence resistance.Fakeouts (HUNT1 & HUNT2): These "hunt" zones likely represent liquidity grabs or stop-loss sweeps, indicating strong institutional manipulation before major moves.
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๐ฎ What's Next?
๐ฏ Bullish Scenario: After touching the lower level of the neckline, it goes to touch the top line of the channel and touches the target of the pattern.
.
โ ๏ธ Bearish Scenario: Rejection from the $85K zone could send BTC back down toward 73Kโ$ 74 K. Further downside could bring the $69Kโ$70K zone into focus.
Hello guys!
BTC is currently trading within a well-defined descending channel, showing consistent lower highs and lower lows since mid-March.
Descending Channel: The upper and lower boundaries have acted as reliable resistance and support zones.Double Bottom Pattern: Price action recently formed a double bottom near the $75,000 zone (marked "HUNT2"), which is typically a bullish reversal signal.Breakout Target: The neckline breakout from the double bottom targets the $85,000โ86,000 zone, which aligns with the upper boundary of the channel โ a confluence resistance.Fakeouts (HUNT1 & HUNT2): These "hunt" zones likely represent liquidity grabs or stop-loss sweeps, indicating strong institutional manipulation before major moves.
______________________
๐ฎ What's Next?
๐ฏ Bullish Scenario: After touching the lower level of the neckline, it goes to touch the top line of the channel and touches the target of the pattern.
.
โ ๏ธ Bearish Scenario: Rejection from the $85K zone could send BTC back down toward 73Kโ$ 74 K. Further downside could bring the $69Kโ$70K zone into focus.
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