BTCUSD

The price action for Bitcoin has been consolidating within a descending triangle pattern since mid-July. A trendline connecting the recent highs and another one connecting the higher lows have formed a wedge-like structure. The price is currently at a critical point, sitting just above the lower trendline and testing a resistance level around the $116,500 mark. The chart also highlights a clear support zone around $112,000 to $113,000 and a resistance zone near $123,000. The Stochastic oscillator in the lower panel is showing an overbought signal, suggesting that a short-term pullback could be imminent.