Bitcoin / TetherUSShort
BTC/USDT:Distribution with Bearish Rising Wedge (False Breakout)
In this analysis, Bitcoin appears to be in a distribution phase, as described by the Wyckoff Method, coupled with a Bearish Rising Wedge pattern, which suggests potential downside ahead. Here’s a breakdown of the key points:
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Climax:
The Buying Climax (BC) marked the peak of the upward momentum, where buyers exhausted their strength.
Automatic Reaction (AR):
After the BC, the price saw a sharp correction, defining the lower boundary of the range.
Secondary Test (ST):
The price revisited the range high, confirming the resistance zone and showing weakness at the upper levels.
Upthrust:
A false breakout above the resistance zone trapped buyers, further supporting the distribution narrative.
Bearish Rising Wedge:
The price action formed a Rising Wedge, a bearish continuation pattern. A breakdown below the wedge could trigger a move towards the $82,000 support zone.
Possible Scenario:
Breakdown Confirmation:
A breakdown from the wedge combined with increasing sell volume could lead to a sharp decline.
Target Zone: The immediate target lies around $83,000, with potential further downside if the distribution phase completes.
Key Levels to Watch:
Resistance: $94,000 - $93,500 (false breakout zone).
Support: $82,000 (range low).
**Disclaimer:**
This analysis is for **educational and informational purposes only** and does not constitute a recommendation for trading decisions or business activities. Please conduct your own analysis and consult a financial advisor if needed before making any decisions. Cryptocurrencies are highly volatile and carry risks. Trade responsibly.
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Climax:
The Buying Climax (BC) marked the peak of the upward momentum, where buyers exhausted their strength.
Automatic Reaction (AR):
After the BC, the price saw a sharp correction, defining the lower boundary of the range.
Secondary Test (ST):
The price revisited the range high, confirming the resistance zone and showing weakness at the upper levels.
Upthrust:
A false breakout above the resistance zone trapped buyers, further supporting the distribution narrative.
Bearish Rising Wedge:
The price action formed a Rising Wedge, a bearish continuation pattern. A breakdown below the wedge could trigger a move towards the $82,000 support zone.
Possible Scenario:
Breakdown Confirmation:
A breakdown from the wedge combined with increasing sell volume could lead to a sharp decline.
Target Zone: The immediate target lies around $83,000, with potential further downside if the distribution phase completes.
Key Levels to Watch:
Resistance: $94,000 - $93,500 (false breakout zone).
Support: $82,000 (range low).
**Disclaimer:**
This analysis is for **educational and informational purposes only** and does not constitute a recommendation for trading decisions or business activities. Please conduct your own analysis and consult a financial advisor if needed before making any decisions. Cryptocurrencies are highly volatile and carry risks. Trade responsibly.
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.