Bitcoin Bearish Move
2025-01-14
Category: None

Projected Movement Scenarios (Blue Arrows):

Scenario 1 (Bullish Breakout):

If the price holds above the support zone near 86,584.1 (red horizontal line), it could reverse upwards and break out of the descending triangle.
After a breakout, the price is expected to test the resistance zone and potentially move toward higher levels around 102,500.0.
Scenario 2 (Bearish Continuation):

If the price breaks below the support at 86,584.1, the next significant support level is marked at 79,617.0.
A failure to reclaim the lower support line could result in further bearish momentum.
Current Position:

The price is currently hovering around 91,871.7, which is within the triangle.
The small bounce within the triangle suggests the market is testing short-term resistance and support zones.
Key Levels to Watch:

Support Levels: 86,584.1 (immediate) and 79,617.0 (major support).
Resistance Levels: The upper triangle boundary and 102,500.0.
Potential Breakout Trigger:

A breakout above the triangle's upper boundary with volume would confirm bullish momentum.
Conversely, a breakdown below the triangle's lower boundary with volume would confirm bearish momentum.
Conclusion:
This chart outlines two possible price action paths:

A bullish breakout, with a significant rise in price above the triangle and resistance levels.
A bearish continuation, where the price drops below support zones to retest lower levels.