Bitcoin could bounce off resistance line and start falling
2024-12-11
Category: None

By observing the chart, we can see that the price started falling inside the descending channel some time ago, where it immediately hit the resistance line and continued to fall afterwards. In a short period of time, BTC fell to the buyer's area and then rebounded to the resistance line again. Then the price fell to the support line of the channel and then rose strongly, thus breaking through the 96250 level and exiting the channel. Next, the price rose to 104K points and also broke through the resistance level, after which it turned and began to trade inside the symmetrical triangle. In this pattern, the price made a strong downward impact on the support line, breaking through the resistance and support levels, but later it made an impact from the support line and broke through these levels again. Later, BTC began to fall, and soon broke through the 100200 level again and fell to the support line of the triangle. But not long ago it rebounded from this line and started to rise. Therefore, at present, I think that the price can reach the resistance line of the triangle pattern and then start to fall to the 96250 support level. In this case, I set the target price at this level.