Bitoicn in bearish ScenarioFollowing the rise of Bitcoin, traders should pay attention to a few important points:
1- Forming a descending wedge pattern in the 8-hour bitcoin time frame
2- At the moment when the price hits the edge of the pattern, there is a relatively valid resistance that prevents the price from rising
3- Stochastic has formed a Bearish divergence
4- Forming a pinbar pattern in an 8-hour timeframe near the edge of the pattern and the resistance level
All of these reasons indicate a bitcoin price drop for a short period of time to around $ 11,200 to $ 11,400.
Only if Bitcoin can break this level of resistance will it be possible to continue the climb, which is very unlikely, and the most likely scenario is the downtrend scenario to the bottom edge of the wedge pattern, where targets of 11200 to 11400 are very likely.
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as you see
A cup pattern is made
The next Target can be there ( shown on the chart )
You can place your Buy order as soon as the edge of the cup is crossed and tested again
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Until next time!
Cheers,
OtanaTA ( Hamid Mojarad )
