#BITCOIN ⟶ RISING WEDGE BREAKOUT: TIME TO GO BEARISH?
2024-10-19

Due to the growth of #BITCOIN and reaching the monthly growth target (69033) and the upper arm of the rising wedge pattern in the daily time-frame, there is a possibility of a drop, which I discussed in detail in the previous analysis that I’ll pin under this post 📉

However, at the end of this bullish move, a rising wedge has formed in the 1-hour time-frame. Additionally, based on the MACD indicator, there is also a triple divergence 📊

These two factors indicate a bearish tendency 🔻  
With the breakout of the lower  arm of this wedge in the 1-hour time-frame, the drop has been confirmed 🟢

Furthermore, the daily support of #BITCOIN (68206) has been broken to the downside in the 15-minute time-frame, which is another reason for the start of the drop 🚨

We currently have two scenarios for the drop:
Scenario 1: A linear drop based on the confirmations I discussed 📈
Scenario 2: A temporary growth to form a expanded triangle pattern in the 15-minute time frame 🔺

In the second scenario, #BITCOIN should experience temporary growth and see a higher high compared to the previous high in the 15-minute time-frame. Then, with the breakout of the bullish trend line of this growth, the secondary confirmation of the drop based on this pattern will be issued 💥

Drop targets, in order from short-term to long-term:  
🎯 **Target 1**: 67413.6  
🎯 **Target 2**: 66399.2 
🎯 **Target 3**: 62097.8 
🎯 **Target 4**: 60791.9  

Note: **Target 1** is considered the most important support compared to the other targets because it aligns with the upper boundary of the wedge in the daily time-frame (previous post). Therefore, if the drop reaches Target 1, it’s best to set your sell trade to risk-free, so you won’t incur losses in case the trend changes from bearish to bullish due to the contact with this support ⚠️

This analysis is solely my personal view, and be sure to use this analysis alongside your own for decision-making 🤔