Hello everyone, here is my breakdown of the current Bitcoin setup.
Market Analysis
From a broader perspective, the price of Bitcoin has transitioned from a downward channel into a large rising wedge pattern. This structure has defined the price action for several weeks, creating a volatile environment with clear boundaries at the support zone near the 109000 level and the resistance zone up to the 113000 area.
Currently, we are at a very interesting and critical point. The price has once again rallied to the top of the Wedge and is testing the major horizontal resistance at the 112500 level. This is the third significant test of this ceiling in recent history.
My Scenario & Strategy
My scenario is built on a repeating pattern of behavior I’ve observed at this resistance. On the two previous tests of this 112500 area, the price created a ‘fake breakout’, briefly pushing above the level only to be aggressively sold off. This repeated failure is a strong clue that sellers are dominant here.
My expectation is that history will repeat itself. I’m looking for the price to make one more ‘fake breakout’ push into the 112500 – 113000 resistance zone. A swift reversal and a fall back below the 112500 level would be the key signal that sellers have once again taken control. The primary target for this move is 110700, which aligns with the ascending wedge support line.
That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.
