#BTC☀

This chart shows a 4-hour Bitcoin (BTC) to USDT (Tether) price chart on

1. Wedge Pattern:

The wedge is a bearish rising wedge based on the convergence of two trendlines (one ascending and one less steeply ascending), which typically signals a potential reversal or downside after a bullish run.

A rising wedge forms when price action moves higher but within a narrowing range, showing a loss of bullish momentum. This pattern is usually considered bearish because it tends to lead to a breakdown below the lower trendline.

2. Elliott Wave Count

The numbers on the chart (1 through 5) seem to indicate an Elliott Wave count. The Elliott Wave theory suggests that market moves in predictable waves, with impulse waves (1-5) followed by corrective waves (A-B-C).

The 5-wave sequence marked on the chart seems to show the completion of an upward impulse move, which could mean that a corrective move is imminent.

3. Resistance and Support Levels:

There are horizontal red lines drawn near 65,200 (current price level), indicating significant resistance around this region.

The green lines below the price (around 63,150) indicate potential support levels where the price may stabilize if a downward correction occurs.

4. Volume Profile:

There’s a noticeable increase in volume during certain price moves. The sharp volume spikes correspond to significant price movements, indicating strong market participation during these periods

5. Price Action Outlook

The price seems to be near the top of the wedge, close to a major resistance level at 65,200 USDT

If the wedge pattern completes, a bearish breakout is expected, and the price might decline towards the support levels around 63,150 or lower.

Conclusion:

The combination of the rising wedge and the completed Elliott Wave pattern suggests a potential bearish reversal

If the price breaks below the wedge’s lower trendline, expect the price to drop towards the next support level

However, if the resistance at 65,200 is broken with strong volume, it could invalidate the bearish setup and indicate continued

#DYOR