Based on BTC 4H chart, it is currently breaking down from a rising wedge support. A break down from this wedge will give us a price target of around $30k.
Furthermore, we can see BTC is unfolding a possible M pattern where it failed to break its previous high at around $43k.
MACD is having a downtrend signal in the 4H timeframe which means we might see a breakdown in the short term.
To invalidate this scenario, BTC must break its previous rising wedge support turned resistance at around $39k and also surge to higher than $43k.
Furthermore, we can see BTC is unfolding a possible M pattern where it failed to break its previous high at around $43k.
MACD is having a downtrend signal in the 4H timeframe which means we might see a breakdown in the short term.
To invalidate this scenario, BTC must break its previous rising wedge support turned resistance at around $39k and also surge to higher than $43k.
