#BITCOIN

Bitcoin continues its pullback within its descending channel today, appearing to form a continuation candle to the downside. This indicates that the bearish momentum remains present. We're currently seeing a slight pullback within a high basing, consolidation rectangle pattern, which typically suggests a pause in the prevailing trend before potentially continuing in the same direction.

At this stage, we are waiting patiently for a potential pivot reversal either around the current price point or at the bottom support near $60,000. For a bullish reversal to be credible, we need to see a specific candlestick pattern: first, a candle that signals the bulls are stepping in to defend the level. This initial signal shows that buyers are starting to take control. Following this, we need a confirmation candle that demonstrates strong follow-through buying, ideally with a higher high and a higher close compared to the previous candle. This would indicate strong conviction among the bulls, suggesting that a reversal is more likely to sustain and potentially mark the end of the current downtrend.

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#BITCOIN