Bitcoin Update!
Bitcoin is still consolidating within a descending broadening wedge pattern. Recently, it was rejected at the upper resistance, which could signal a possible downward move. This repeated rejection shows strong selling pressure at current levels.
The chart shows several bearish patterns, each leading to a significant drop. This might suggest a similar outcome if Bitcoin doesnât break out soon. The green trendline and the lower yellow zone are key support areas where buyers might come in.
If the price is rejected again at the upper resistance, a short position could be considered. To reduce risk, place a stop-loss slightly above the resistance zone. Aim for a take-profit level between $51,650 and $50,650, the lower support area.
It's important to watch how Bitcoin reacts near the upper boundary of the wedge to predict its next move.
Disclaimer: This analysis is for informational purposes only, not financial advice. Always stay updated on market movements and adjust your trading strategies accordingly.
