#bitcoin☀️ #BTC☀ #BTTcReward #BTC500K #Binancepen_spark
Hello everyone! Today, I’ve put together an in-depth analysis of Bitcoin's recent price action. If we closely examine the chart, Bitcoin initially surged to Resistance 2, coinciding with a key resistance zone. The price briefly exceeded this level, reaching higher before stalling near the trend line. Shortly after, BTC began to fall. The price swiftly descended to Resistance 1, which also aligned with another resistance zone, breaking Resistance 2 on its way down.
Bitcoin then entered a wedge pattern, bouncing off Resistance 1 in an attempt to recover. However, it failed to gather enough bullish momentum and dropped back again. Over time, Bitcoin retraced to the resistance zone, bouncing to the trend line, which serves as the upper boundary of the wedge. BTC declined once more, this time breaking through Resistance 1 and hitting the wedge's support line. After a brief rebound, it currently trades below this level.
Given the pattern, I predict that Bitcoin will experience a small upward correction in the near term before resuming its decline. The wedge’s support line appears to be the next major target. I'm setting my price target at 54,800 points, expecting the price to test this level before further action.
Looking at previous movements, Bitcoin recently dropped as anticipated, falling even beyond my initial target. Now, I anticipate a minor uptick in price up to the trend line, followed by another drop toward $54,100. My extended outlook points toward further declines to around $52,100, aligning with a continuation of the overall bearish trend.
As always, if you find my analysis insightful, I’d appreciate your support through likes and comments! ❤️
