🔍 Technical Analysis Summary #btc

Rising Wedge Breakdown: Price has officially broken below a rising wedge formation, which is typically a bearish reversal signal.

MACD Bearish Crossover: MACD lines are trending downward, and the histogram is printing negative values—indicating strong bearish momentum.

Volume Confirmation: A noticeable spike in volume occurred during the breakdown, suggesting increased sell-side pressure.

Key Support Zone: Eyes on the horizontal support area between 108,500 – 108,750 (marked in green). This zone could act as a short-term demand base.

✅ Trade Setup

Direction: Short

Entry Zone: 109,100 – 109,200 (current range)

Stop Loss: 109,600

Take Profit Levels:

TP1: 108,750 (partial close near support)

TP2: 108,200

TP3: 107,200 (if breakdown accelerates)

📌 Why This Setup Makes Sense

Breakdown from a classic rising wedge—a reliable bearish pattern.

MACD confirms bearish momentum with no sign of reversal.

Rejection from 110,500 resistance adds confluence to the bearish outlook.

No current bullish divergence, reversal candle, or bottoming formation observed.

⚠️ Risk Management Note

Monitor the 108,500 – 108,750 area closely. If the price starts bouncing from this zone with strong bullish volume, consider exiting early or trailing your stop to lock in gains and avoid a reversal trap.

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