Bitcoin Price Set for Major Correction: Technical Breakdown and Fundamental Analysis 🪙
📊 Technical Analysis
The Bitcoin (BTC) price chart is flashing red ⚠️ with signs of a potential bearish reversal. BTC has tried to breach the $73,734 resistance level multiple times, but every attempt has been rejected 👊. This repeated failure has created a descending trendline, signaling a weakening bullish momentum.
What makes the current situation more interesting 🤔 is the possible formation of a triple top or descending triangle—both are historically bearish patterns 📉. As shown on the chart, a major drop 📥 could bring BTC toward the $40,000 – $44,000 support zone (marked in yellow 🟨). If that level breaks, things could get ugly 😱, with BTC possibly sinking to $38,000 or lower.
Adding fuel to this idea, trading volume 📈 around the resistance level has been increasing, indicating selling pressure from whales 🐋 and institutional traders. Moreover, the current sideways consolidation after a strong rally suggests that a correction might be just around the corner 🔄.
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🛎️ Key Signals and Trade Setup 🔥
If you’re looking for a high-probability trade setup, here’s the play-by-play 📋:
1. 🔻 Short Entry:
Keep a close eye 👀 on the $66,500 level—if BTC closes below this level on a daily or 4H chart, it will confirm a breakdown of the bearish pattern. 🧨
2. 🎯 Target Levels:
First Target: $44,500 🟧
Second Target: $40,000 🔥
3. ⛑️ Stop-Loss:
To manage risk, place a stop-loss above the recent highs at $74,000. 🛑
4. 📈 Indicators to Watch:
Disclaimer:
This analysis is for informational purposes only and does not constitu
te financial advice. Always DYOR (Do Your Own Research) 🔍 before entering the market.
BTC
67,139.99
-0.65%
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