#BITCOIN ⟶ RISING WEDGE BREAKOUT: TIME TO GO BEARISH?
Due to the growth of #BITCOIN and reaching the monthly growth target (69033) and the upper arm of the rising wedge pattern in the daily time-frame, there is a possibility of a drop, which I discussed in detail in the previous analysis that I’ll pin under this post 📉
However, at the end of this bullish move, a rising wedge has formed in the 1-hour time-frame. Additionally, based on the MACD indicator, there is also a triple divergence 📊
These two factors indicate a bearish tendency 🔻
With the breakout of the lower arm of this wedge in the 1-hour time-frame, the drop has been confirmed 🟢
Furthermore, the daily support of #BITCOIN (68206) has been broken to the downside in the 15-minute time-frame, which is another reason for the start of the drop 🚨
We currently have two scenarios for the drop:
Scenario 1: A linear drop based on the confirmations I discussed 📈
Scenario 2: A temporary growth to form a expanded triangle pattern in the 15-minute time frame 🔺
In the second scenario, #BITCOIN should experience temporary growth and see a higher high compared to the previous high in the 15-minute time-frame. Then, with the breakout of the bullish trend line of this growth, the secondary confirmation of the drop based on this pattern will be issued 💥
Drop targets, in order from short-term to long-term:
🎯 **Target 1**: 67413.6
🎯 **Target 2**: 66399.2
🎯 **Target 3**: 62097.8
🎯 **Target 4**: 60791.9
Note: **Target 1** is considered the most important support compared to the other targets because it aligns with the upper boundary of the wedge in the daily time-frame (previous post). Therefore, if the drop reaches Target 1, it’s best to set your sell trade to risk-free, so you won’t incur losses in case the trend changes from bearish to bullish due to the contact with this support ⚠️
This analysis is solely my personal view, and be sure to use this analysis alongside your own for decision-making 🤔
However, at the end of this bullish move, a rising wedge has formed in the 1-hour time-frame. Additionally, based on the MACD indicator, there is also a triple divergence 📊
These two factors indicate a bearish tendency 🔻
With the breakout of the lower arm of this wedge in the 1-hour time-frame, the drop has been confirmed 🟢
Furthermore, the daily support of #BITCOIN (68206) has been broken to the downside in the 15-minute time-frame, which is another reason for the start of the drop 🚨
We currently have two scenarios for the drop:
Scenario 1: A linear drop based on the confirmations I discussed 📈
Scenario 2: A temporary growth to form a expanded triangle pattern in the 15-minute time frame 🔺
In the second scenario, #BITCOIN should experience temporary growth and see a higher high compared to the previous high in the 15-minute time-frame. Then, with the breakout of the bullish trend line of this growth, the secondary confirmation of the drop based on this pattern will be issued 💥
Drop targets, in order from short-term to long-term:
🎯 **Target 1**: 67413.6
🎯 **Target 2**: 66399.2
🎯 **Target 3**: 62097.8
🎯 **Target 4**: 60791.9
Note: **Target 1** is considered the most important support compared to the other targets because it aligns with the upper boundary of the wedge in the daily time-frame (previous post). Therefore, if the drop reaches Target 1, it’s best to set your sell trade to risk-free, so you won’t incur losses in case the trend changes from bearish to bullish due to the contact with this support ⚠️
This analysis is solely my personal view, and be sure to use this analysis alongside your own for decision-making 🤔
أغلقت الصفقة: تم الوصول للهدف
In this #BITCOIN post, I predicted the drop, and it hit target 1 and 2 from that analysis. 
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.