BTC — locally forming a reversal structure

Based on the current picture, we have several factors in favor of a local bounce.

What is visible:

— price holds the Buyer Block in the zone 59 650–59 800
— seller could not develop a decline lower
— a descending wedge is forming
— on the Japanese candles, a structure resembling a "morning star" appears
— large volumes at the bottom indicate buyer activity
— Friday may strengthen the bounce due to partial short covering before the weekend

The main thing missing now is the breakout.

The buyer needs to move above the descending trendline and hold above it. Only after that will the local bounce scenario receive full technical confirmation.

Nearest zone of interest above:

62 900–63 000

As long as there is no breakout, it is still preparation, not a confirmed movement.

Conclusion:

The market is compressing in a descending wedge, the buyer is defending the lower boundary, and the seller is gradually losing effectiveness. If the trendline is broken, the probability of a local bounce will increase significantly.

Not financial advice.

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