BTCUSDT (bitcoin): a perspective
2024-10-08

hello guys.

Price Action Overview:
The chart shows Bitcoin within a rising wedge pattern, with the price nearing a key resistance level.
A potential pullback is expected in the near term, as highlighted by the downward arrow, before the price potentially retests lower trendline support.

Bearish Scenario:
The price could see a correction from the current level back to the 58,600 - 57,800 USDT support zone.
This is suggested by the wedge pattern, often signaling a potential reversal or pullback before a larger move.

Bullish Scenario:
If the price finds support at these levels, we could see a bounce, leading to a breakout above the wedge towards 68,000 USDT, as indicated by the larger upward arrow.

Market Sentiment:
In the short term, traders should be cautious of the possible pullback, but the larger trend remains bullish if the wedge holds and the price respects the lower trendline support.

