bitcoin:native Update 1D


This is a critical retest.
Bitcoin is currently testing the underside of the largest rising wedge pattern on the chart. Price broke down from the structure and is now returning to the lower boundary from below a classic bearish retest zone.
The 50-week SMA is also sitting right in the same area, adding another layer of confluence.
A clean rejection here would confirm the breakdown and open the door for further downside.
A strong reclaim and hold above the wedge + SMA would invalidate the bearish case.
This is one of the more important technical levels Bitcoin has faced in this cycle.
BTC-2.12%
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OnChainGallery
· an hour ago
If the bearish retest holds, the downside opens up, but a fake breakout to shake things out before pulling back up is also the usual script.
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MacroNarrator
· an hour ago
This level is indeed critical: the 50-week moving average overlaps with the lower boundary of the wedge, making it a battleground for bulls and bears.
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