Bitcoin beware of the distribution trap. Distribution areas require breaking 94,600 and not closing below it. 98 99 103 The correction range allows manipulation candles to reach their lows at 69, but a monthly close at 85 is required to end the descending wedge. If this scenario is achieved, we are on the right track for a new peak. Bearish scenario: activate distribution areas with the numbers listed above, then a correction and a monthly close below 80 will lead to a deeper correction. Impact areas: 73 69 51 46 Put more than one red line below 46. These are just scribbles; do not build any trading strategy on them. Do your research and be your own decision-maker.
TAO/USDT downtrend with a retest of the support area The price is moving within a clear downtrend and is currently retesting an important support area. We are monitoring the price interaction with this level A bounce may indicate a short-term upward movement While a break could open the door for further decline This is just a technical analysis and not investment advice
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Bitcoin is on the verge of completing the cleanest correction in its history. It is close to closing all gaps on the percentages on the relative variables for calculating the value of the descending wedge, with the time gap remaining to finish Bitcoin's cleanest correction throughout its journey to form the best scenario for the strongest upward wave. The strength of the wave, based on the percentages, will range between 47.5% and may reach up to 49.5%. Any correction candles after this area 85, no matter what, are liquidation candles to take the largest liquidity. Bitcoin must return and close monthly at this area, no matter how it manipulates the liquidation candles. The beginning of the break of the descending wedge is 90,400. Activating the upward trend requires a monthly close above 94,600. The strength of the wave activates at 94,600, bouncing from zero point and not breaking it with any close. The range of the wave 132,800 138,900 Good luck to everyone, we wish you an enjoyable journey.
If anyone understands anything from these scribbles in the pictures, please let me know.
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The market is witnessing a strong drop after breaking the support level at 85 thousand dollars, bringing the price down to around 82 thousand dollars. The current trend remains negative, and it is likely that the price will continue to drop towards the areas of 78 thousand then 71–69 thousand to gather liquidity. Despite the possibility of a rebound, it remains weak unless the price closes again above the level of 85 thousand. Entering at this stage carries a high risk... and the best buying areas are between 78 thousand and 69 thousand dollars