Bitcoin (BTC/USD) on the 1-hour timeframe has broken out below its upward-sloping channel/wedge structure and is currently staging a corrective pullback back toward the broken support-turned-resistance zone.
Key Resistance Zone ($78,600 – $79,700): This area intersects with the underside of the broken trendline, a horizontal resistance zone, and the Fibonacci retracement levels (38.2% to 61.8% Golden Pocket).
Target Levels: A rejection from this confluence zone indicates a potential drop down to lower support levels around $75,500 and potentially $74,200.
Invalidation: A clean hourly close back above $79,700 (61.8% Fib level) invalidates the bearish retest scenario.
This analysis is strictly for educational and informational purposes only and does not constitute financial or investment advice. Always conduct your own research and manage your risk carefully before entering any trade.
