$BTC /USDT BEARISH FLAG IN PLAY โ CONSOLIDATION BEFORE POSSIBLE DUMP AHEAD!
๐Current Price: Around $66,000 (as per chart)
๐ Pattern in Focus: Bearish flag + potential wave (ABC) correction forming
๐ Technical Analysis:
The chart reveals a bearish setup, with price breaking below the blue trendline that defined the previous uptrend. A consolidation/distribution phase has begun post the peak in early June. Price is now trapped within a descending channel, suggesting that bulls are losing control. A bearish flag is forming โ which typically breaks to the downside.
๐ Key Levels:
Resistance Zones:
$69,000 โ Key short-term rejection area
$71,200 โ Recent high & invalidation zone for shorts
Support Zones:
$64,400 โ Mid-structure support (flag base)
$62,000 โ Horizontal support & potential bounce zone
$60,000 โ Psychological & fib confluence level
$58,000 โ Major breakdown target
๐ Trade Setup (SHORT):
Entry Zone: $66,200 โ $66,800
Target 1 (TP1): $64,400
Target 2 (TP2): $62,000
Target 3 (TP3): $58,000
Stop Loss (SL): $69,100
๐จ Note: Wait for rejection at flag top or breakdown from support with volume.
๐ Market Outlook:
Historically, Bitcoin shows low volatility in summer, with September being more explosive. Current sideways action suggests that a new all-time high is unlikely in the short term. This is a classic cool-down phase, and unless bulls reclaim $71K+ fast, we may see a flush down before next accumulation.
๐ก๏ธ Risk Management:
Only risk 1โ2% of portfolio per trade
Use hard stop-loss above resistance
Avoid trading mid-range without confirmation
Be patient for breakdown or rejection setups
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