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This chart shows a major downtrend extending from the September high into December
Consecutive lower peaks that follow the trend line exactly. This type of trend often reflects mid-term corrective waves within the larger Bitcoin trend.
Consecutive lower peaks that follow the trend line exactly. This type of trend often reflects mid-term corrective waves within the larger Bitcoin trend.
Most important technical notes:
Fully respect the downward trend
Price hit the trendline more than 3 times, which increases the strength of the trendline and makes future breakouts very significant.
Price is currently at the last touch point
Prices appearing near the descending line indicate two possibilities:
Sales momentum began to weaken.
Or prepare for a final test before a breakthrough occurs.
critical section
The 106,000 level is considered to be a key resistance, which would turn the trend from bearish to bullish if exceeded and clear the daily close.
Exactly what we are waiting for now
The actual breakout of the trend and not just the tail of the candle.
A close above the last seaming area confirms a change in trend.
Volume supports breakouts (volume confirmations).
What does this mean for price?
If the trend is broken:
The first target is for the price to return to the 96,000-100,000 area.
The second target is to target the major resistance at 106,000.
A break above 106k means a complete change in price action and Bitcoin enters a new bullish wave.
If penetration fails:
We may retest support at 86,000-84,000 before a new attempt
