Bitcoin Bearish Pattern So ready for $31500 ?

Bitcoin Analysis Update

Current Status: Near Parallel Channel Resistance

Bitcoin is currently hovering near the parallel channel resistance, with a range between $40,500 and $41,000. The recent price action resembles a rising wedge, suggesting a potential bearish move if the $41,000 level faces rejection.

Anticipated Reversal Scenario:

If the price rejects from the $40,500-$41,000 range, we may witness a bearish trend. The initial stop is projected at $37,500, and a second stop at $32,000 could come into play if the channel support at $37,500 is breached.

Key Levels to Watch:

Support Levels: $37,500 / $32,000
Resistance Level: $41,000


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