Bitcoin will rebound from resistance area and continue to fall

Aug 27

Hello traders, I want share with you my opinion about Bitcoin. A distinct shift in market control from buyers to sellers has defined the recent price action for Bitcoin. After the prior upward wedge failed at the major 119500 resistance level, a significant breakdown occurred, initiating the current bearish phase, which has been neatly contained within a downward channel. The price action within this structure has been orderly, consisting of downward impulses followed by corrective rebounds. The most critical recent development was the downward fall that broke below the key horizontal support level at 112000. Currently, the asset is in the midst of an upward rebound, rallying back to test this broken structure from below. The primary working hypothesis is a brief scenario, anticipating that this rally will fail upon entering the 112900 - 112000 resistance zone. A confirmed rejection from this former support area would validate the bearish trend continuation and signal that the next impulsive move down is imminent. Therefore, the TP for this scenario is logically set at 107000 points. Please share this idea with your friends and click Boost 🚀

Aug 28

Trade active

Good! Price reached resistance line of channel, now I expect that BTC will continue to fall.

Aug 29

Trade closed: target reached

Good one! Bitcoin continues to decline inside downward channel.