Bitcoin will break support level and continue to fall next

3 дня назад

Hello traders, I want share with you my opinion about Bitcoin. The macro bearish bias for Bitcoin was established after the price was strongly rejected from the 121000 Resistance Level, leading to a breakdown from its prior upward channel. This initiated a new bearish phase, first within a downward channel, but the selling pressure for BTC has since intensified, causing a breakdown below that channel's support as well. Currently, the asset is in an accelerated downward fall, guided by a steep local trend line, and is directly testing the critical buyer zone at the 109700 support level. The primary working hypothesis is a short scenario, now predicated on the failure of this major horizontal support. While a brief consolidation or a minor retest of the nearby trend line may occur, the overwhelming bearish momentum suggests a high probability of a breakdown. A decisive break and hold below the 109700 support level would confirm the continuation of the downtrend and open the path for further declines. Therefore, the TP for this breakdown scenario is logically placed at 104000 points, representing the next major area of potential support. Please share this idea with your friends and click Boost 🚀

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Good! Price broke the support level and continues to decline.

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I'm still waiting for BTC to reach my TP.