🚨 Bitcoin Big Correction Update 🚨
The BTC/USD chart is signaling a potential major correction in the coming days. Let’s analyze the pattern and possible outcomes in detail.
Technical Breakdown:
Key Resistance Zone:
Bitcoin is struggling to break through the $108,000-$112,000 resistance zone (highlighted in red). This zone has been tested multiple times but remains unbroken, indicating strong seller pressure.
Rising Wedge Breakdown:
A rising wedge pattern has formed in the short-term price action. This pattern is typically a bearish signal, suggesting a loss of momentum and the likelihood of a trend reversal.
Volume Divergence:
The volume has decreased on upward price moves, suggesting weakening buyer interest. This divergence often precedes a sharp corrective move.
Correction Path:
After failing to breach the resistance, Bitcoin is likely to drop to $95,000-$90,000 (initial support zone).If selling pressure accelerates, the price could plunge further to the $76,000-$72,000 zone, a critical long-term support level.
2025 Target:
If the breakdown continues unchecked, Bitcoin might revisit $65,000-$66,000 by early 2025, aligning with broader market trends and historical correction patterns.
Market Sentiment:
Fear vs. Greed Index is likely to shift towards Fear, influencing short-term holders to exit positions.Macro uncertainties, including regulatory updates or global economic concerns, may exacerbate the sell-off.
Key Indicators to Watch:
RSI (Relative Strength Index):Monitor for oversold conditions. A sharp drop in RSI could signal the bottom of this correction.Volume Spike:Look for a volume increase to confirm the breakout or breakdown of key levels.Moving Averages:Watch the 50-day and 200-day moving averages. A crossover could validate the bearish scenario.