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Bitcoin Analysis Update
Current Status: Near Parallel Channel Resistance.
#Bitcoin is currently hovering near the parallel channel resistance, with a range between $40,500 and $41,000.
The recent price action resembles a rising wedge, suggesting a potential bearish move if the $41,000 level faces rejection.
Anticipated Reversal Scenario:
If the price is rejected from the $40,500-$41,000 range, we may witness a bearish trend.
The initial stop is projected at $37,500, and a second stop at $32,000 could come into play if the channel support at $37,500 is breached.
Key Levels to Watch:
Support Levels: $37,500 / $32,000
Resistance Level: $41,000
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