$BTC💸1W
In the mid-term outlook, it is set for a bearish trend🐻
Aggressive price growth with a breakout above the top boundary of the range led to consolidation just before a significant institutional resistance zone (Wick 1M). Testing it with removal of the previous month’s maximum (PMH) has a high probability of resulting in the formation of a bearish reversal setup (“M” / “TDP”)☄
Confirmation of one of the formations will become a valid trigger to open a swing-short position with targets at $74 967, $72 512, and $70 000, which provides total downside potential of ~23%🔥
In the mid-term outlook, it is set for a bearish trend🐻
Aggressive price growth with a breakout above the top boundary of the range led to consolidation just before a significant institutional resistance zone (Wick 1M). Testing it with removal of the previous month’s maximum (PMH) has a high probability of resulting in the formation of a bearish reversal setup (“M” / “TDP”)☄
Confirmation of one of the formations will become a valid trigger to open a swing-short position with targets at $74 967, $72 512, and $70 000, which provides total downside potential of ~23%🔥