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2024-09-29

Uptrend & Resistance Line: 

The yellow ascending trendline indicates Bitcoin's price moving in an uptrend.
A blue resistance line at the top indicates where the price may face resistance. Currently, the price is approaching that resistance area around 66,000 USD.

 Possible Price Reversal: 

The green sketch shows a projected scenario where Bitcoin could peak soon, facing resistance at the top of the uptrend, leading to a pullback or potential correction.
The projected price correction could take it back to the Fibonacci retracement levels. The levels marked are:
0.382 at 61,172.72 USD,
0.5 at 59,531.61 USD, and
0.618 at 57,890.50 USD.

 Volume Decline: 

The green circle around the volume bars shows a declining trend in volume. Lower volume during an uptrend can indicate weakening momentum, increasing the likelihood of a pullback.

 RSI (Relative Strength Index): 

The RSI, displayed at the bottom, is near the middle (around 47.94). This suggests that the price is neither overbought nor oversold, but the weakening RSI line could further signal a potential correction ahead.