Bitcoin has rebounded from a key S/R level, signaling potential for further upward movement as long as it continues to trade above this level. However, if a breakdown occurs, followed by a retest of the S/R level, it could lead to a deeper correction. Traders should monitor price action closely at this zone for confirmation of the next move. $BTC
Bitcoin experienced a decline following a successful breakdown of its horizontal support level, signaling a shift toward bearish momentum. As long as BTC continues to trade below this key support, further downside movement is anticipated. $BTC #DrMadCrypto
Bitcoin has broken out of a bearish wedge, indicating a potential upside move. The price has also been removed from its ascending channel and has broken its ascending channel.
Possible scenario: pullback before the rally The first support zone is: 60432.9 to 61463.8 A withdrawal of up to $58,000 is possible. This could act as a base of support, after which a reversal may take the price back towards the $75,000 target.
The second support zone is: 57002.5 to 57850.0 The scenario is bullish, with the main difference being that Bitcoin is rising after a corrective dip. $BTC #DrMadCrypto
Bitcoin is currently trading above the S/R level and approaching the trendline resistance of the channel.
A breakout followed by a successful retest of the channel would serve as a strong bullish confirmation, signaling potential upward momentum.
Conversely, a breakdown followed by a retest of the horizontal support level could indicate the beginning of a market correction, suggesting a shift in sentiment toward bearishness. $BTC #DrMadCrypto
Bitcoin has broken out of the triangle pattern. A confirmed candle close above this level, or a successful retest of the breakout, would solidify the continuation of the bullish momentum. $BTC #DrMadCrypto
Bitcoin is currently testing the upper resistance of an ascending triangle pattern, signaling a potential breakout. A confirmed breakout above this level, followed by a retest of the previous resistance as support, would provide a strong bullish confirmation, indicating further upward momentum. In contrast, a rejection and breakdown retest of the triangle is a sign of correction in the market $BTC #DrMadCrypto