Bitcoin can rebound from resistance level and start to decline

Hello traders, I want share with you my opinion about Bitcoin. Recently, the price broke above a local resistance and quickly approached the key resistance level at 110000, which also aligns with the upper boundary of the seller zone (110000 - 110700 points). This area has already proven its strength multiple times, causing sharp rejections in the past. Moreover, the price has tested it again recently and failed to break through. In addition, we can see a triangle structure, which fits the logic of a pennant pattern after a bullish wave. However, the latest move upward has already lost momentum near the apex, and the price is now trading just under the upper edge of this formation. That makes this zone technically overloaded and vulnerable to a downside reversal. Based on this, I expect Bitcoin to test the resistance level one more time and then roll back down toward TP 1 at 106000 points, a zone near previous liquidity accumulation and a local consolidation range. If selling pressure increases, the price might aim for the buyer zone (103800 - 103100). Given the current rejection at resistance, the structure of the triangle, and the reaction inside the seller zone, I remain bearish and expect further decline toward the support. Please share this idea with your friends and click Boost 🚀

Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.

LegionQ8

🔷Join my telegram channel for free - bit.ly/4g4wovR

💰Want receive more profitable signals for Crypto & Forex market, write me PM 👉 bit.ly/4fNijD8

ThinkMarkets Ambassador Join & explore: bit.ly/3S4HwPq

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

LegionQ8

Also on: