📉 Bitcoin’s Technical Alarm Bells Are Ringing
Bitcoin is under pressure from two major technical signals.
🔹 First, it has formed a rare “megaphone” or broadening top pattern, where increasing volatility (higher highs, higher lows) often leads to distribution rather than the start of a new uptrend.
The breakdown level appears to be around the ~$100,000 mark, and if the pattern plays out the implied downside target is near ~$75,000, about a 40 % drop from breakdown.
🔹 Second, a “death cross” has just occurred, where the 50-day moving average has crossed below the 200-day moving average which is typically a bearish sign.
StockCharts TV
📉 Bitcoin’s Technical Alarm Bells Are Ringing
Bitcoin is under pressure from two major technical signals.
🔹 First, it has formed a rare “megaphone” or broadening top pattern, where increasing volatility (higher highs, higher lows) often leads to distribution rather than the start of a new uptrend.
The breakdown level appears to be around the ~$100,000 mark, and if the pattern plays out the implied downside target is near ~$75,000, about a 40 % drop from breakdown.
See the chart: schrts.co/eaJyDeNI
🔹 Second, a “death cross” has just occurred, where the 50-day moving average has crossed below the 200-day moving average which is typically a bearish sign.
See the chart: schrts.co/EzhwyWuc
âś… Bottom line: The technical backdrop for Bitcoin is increasingly challenging, and traders may want to reassess risk accordingly.
Read the full breakdown: schrts.co/WNhufnfm
1 day ago | [YT] | 68