BTC Short
2024-12-31
Category: None

The chart reveals a classic distribution pattern in the Bitcoin market, marked by a significant peak followed by a consolidation phase. Distribution occurs after a strong uptrend, and as the price stalls and starts to move lower, it signals a potential reversal.

Our target is set at the 50% retracement level of the upmove, located around $78,682. This level represents a key support area and is a typical target for a corrective pullback after a distribution phase.  

Price has shown weakness at the recent highs, and as we move forward, we anticipate further downside toward this target zone which would offer a nice buying opportunity in discount for further upside.