Bitcoin will continue to decline to support level

7月30日

Hello traders, I want share with you my opinion about Bitcoin. Following a period of a broad downward trend, bitcoin's price action has been channeled into a large downward wedge, a pattern that signifies converging volatility and a period of consolidation before an eventual decisive move. This market action is taking place between two critical, well-established zones: a major seller zone capping rallies around the 119500 resistance level and a significant buyer zone providing support near 116000. Recently, an upward rebound attempted to test the upper boundary of this wedge but was met with strong selling pressure from the seller zone, confirming its validity as a formidable barrier. The price is now correcting downwards after this rejection. The primary working hypothesis is a short scenario, anticipating that the bearish momentum from this recent failure will continue to drive the price lower. While a minor bounce or retest of local resistance is possible, the path of least resistance within the pattern's structure is now towards its lower boundary. Therefore, the TP is strategically set at the 116000 level. Please share this idea with your friends and click Boost 🚀

Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.

7月31日

トレード稼働中

Nice! Price rose to resistance line and started to decline. I expect that it can continue to fall next.

8月1日

トレード終了: 利益確定目標に到達

GREAT! Price reached my TP and even fell lower!