BTCUSDT: Starts its Declining Phase, Fear Over Regulatory Risk

Hi Fellow Traders, Here's a Technical outlook on Bitcoin!

Technical Analysis

BTCUSDT has broken out of the double-top pattern. Subsequently, the price retested the neckline of the double-top pattern while simultaneously forming a rising wedge pattern. A potential breakout scenario of the pattern suggests an impending downward movement. The MACD indicator has confirmed this possibility by forming a death cross, indicating a likely decline toward the target area.

Fundamental Drives
Binance and Coinbase are currently facing regulatory actions by the U.S. Securities and Exchange Commission (SEC), which is causing fear among crypto investors. This fear has been manifested in a substantial and ongoing downward movement of cryptocurrencies to date. The fear may persist until the case is resolved.

The roadmap will be invalid after reaching the target/resistance area.

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"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the BTCUSDT"

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Confirmed Breakout of the Rising Wedge Pattern, Bearish Scenario comes again in the crypto market :(

Like the content for more uploads ahead.

Comment:

I am still waiting for the market to move significantly for the next post. Please be patience guys :)