💥Current Situation💥
After breaking the ascending channel in blue, momentum on Bitcoin
turned bearish, and the price started moving
within a descending channel that reflects the sellers’ control
in the short term.
Where do we stand now?🙄
#
The price is approaching the upper limit of the descending channel—
this is the area we will watch for a return of selling pressure.
Preferred scenario
As long as this descending channel continues to contain the price action,
Price:
We will look for Sell Setups in line with the trend, from the vicinity of the upper
channel boundary, in anticipation
of the continuation of the bearish wave.
On the other hand, if the price manages to break the channel and close above it,
this may be the first sign of weakening bearish momentum
and the possibility of starting an upward corrective wave.
Will the channel hold again?
Will the sellers succeed in defending the upper limit?
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Trading involves risk and requires adherence to capital management.
#ptc