Overview: Bitcoin is currently navigating a complex technical landscape, marked by a bear pennant on the high-time frame (HTF) and resistance at the upper boundary of a rising wedge.
Bearish Sentiment: Bear Pennant Formation: Bitcoin is ensnared in a bearish pennant, signaling a challenging market sentiment. Rising Wedge Resistance: The cryptocurrency faces resistance at $38,500, aligning with the upper boundary of the bearish rising wedge.
Potential Scenarios: Confirmation at $38,500: High probability of a downward trend. Potential Liquidation Wick at $46,000: A strategic level for liquidating high-leverage positions.
Support & Resistance: Support Zone: $29,000-$30,000 within the rising wedge. Resistance Levels: $38,000 and $46,000.
Key Considerations: Caution Advised: Exercise prudence and conduct thorough research before making any trading decisions.