Bitcoin just hit the strongest resistance, which is a downward sloping trendline of the descending channel! This channel is very reliable, and it was created when we hit the previous all-time high at 126k! What now? Trend is your friend until the end, and this bearish channel is technically a valid downtrend. It's a beneficial idea to enter a short position with a stop loss above the parallel channel.
I think all ETF investors will experience huge turbulence because the price can hit a new all-time low! This can trigger a massive sell-off, but not now, probably later in 2026. For now I expect 58k soon, then we may see a pump back to 83k. We must see this price action from the point of view of whales - they want to create traps on the way up / down. Many people will buy a breakout above this channel because they think the bull market is over! But the market will do the opposite. It will create a temporary uptrend/false breakout, and then we will go down!
I have to follow the rules, so I am not bullish at this moment as long as the price is inside this channel. But I think buying the 0.618 FIB at 58k is a good idea because the level is a major point of interest! What's more, we have formed a bearish flag on the daily chart, so this is another issue that I see with the price of Bitcoin. This pattern is technically bearish as well.
So my plan is clear - wait for 58k. Place a limit order here to buy Bitcoin. That's all you have to do. I know the price action has been very boring in the last weeks, but we should see a huge movement soon!
Write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Trading is not hard if you have a good coach! I am very transparent with my trades. Thank you, and I wish you successful trades!
I think all ETF investors will experience huge turbulence because the price can hit a new all-time low! This can trigger a massive sell-off, but not now, probably later in 2026. For now I expect 58k soon, then we may see a pump back to 83k. We must see this price action from the point of view of whales - they want to create traps on the way up / down. Many people will buy a breakout above this channel because they think the bull market is over! But the market will do the opposite. It will create a temporary uptrend/false breakout, and then we will go down!
I have to follow the rules, so I am not bullish at this moment as long as the price is inside this channel. But I think buying the 0.618 FIB at 58k is a good idea because the level is a major point of interest! What's more, we have formed a bearish flag on the daily chart, so this is another issue that I see with the price of Bitcoin. This pattern is technically bearish as well.
So my plan is clear - wait for 58k. Place a limit order here to buy Bitcoin. That's all you have to do. I know the price action has been very boring in the last weeks, but we should see a huge movement soon!
Write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Trading is not hard if you have a good coach! I am very transparent with my trades. Thank you, and I wish you successful trades!
Note
The price is now above the channel. What does it mean? I think it's even worse than expected. That means we are not going to go to 83k as suggested. I think the next resistance is the top of the channel again. Whales need liquidity below the flag still.
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💡Join my VIP group (signals, my trades)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.