Bitcoin don break bullish trendline, e mean say e go drop 7%
Bitcoin don fall pass 7% from hin record $124,000 high after e no fit hold pass the $122,056 Fibonacci level and the long-term resistance trendline wey link the 2017 and 2021 peaks. Weekly stochastic oscillators don turn comot from the overbought zone, dey show say e bearish. For the daily chart, BTC price drop under the bullish trendline from April lows after one bearish outside-day candle. Key support levels dey for $111,982 and the 200-day simple moving average near $100,000, while immediate resistance dey for $120,000 and $122,056. If e bounce pass $118,600, e go reduce downside risk, but traders suppose ready for possible retest of $111,982.
Bearish
Di article dey show clear wetin happen for Bitcoin long time bullish trendline break and how weekly stochastic oscillator roll over from overbought zone—na two classic bearish signs for technical analysis. Historically, when e dey fail hold gains pass main Fibonacci levels and trendlines like 2017–2021 resistance, e dey cause multi-week corrections. Daily bearish outside-day candle plus breach of April trendline still confirm say sellers dey control. For short term, traders fit reduce long positions or start short before $111,982 support, wey go increase downward pressure. For long term, if e hold above 200-day moving average near $100,000, e fit bring back confidence, but make dem wait till rebound pass $118,600 show before outlook fit change; otherwise e remain negative.