Bitcoin may continue to decline to support level in wedge

Hello traders, I want share with you my opinion about Bitcoin. The market structure for Bitcoin has evolved significantly, transitioning from a contained downward channel into a much more volatile and expansive broadening wedge after a major breakout. This new pattern has defined a wide trading range, with price action making higher highs and lower lows, indicating a fierce battle between market participants. The most recent and critical development within this structure has been the price's failure to hold above the key level of 119700, breaking down below this former support and seller zone. Currently, the asset appears to be in a corrective phase, setting up for a potential retest of this broken level from underneath. The primary working hypothesis is a short scenario, which anticipates that the price will rally to test the 119700 resistance level and be rejected. A confirmed failure to reclaim this level would serve as a strong validation of the bearish pressure and suggest that a full rotation towards the bottom of the broadening wedge is now the most probable outcome. Therefore, the tp is logically and strategically placed at the 115200 level. This target is particularly significant as it represents a powerful confluence of the horizontal support level, the main buyer zone, and the ascending support line of the wedge, making it a natural magnet for price on the next major downward impulse. Please share this idea with your friends and click Boost 🚀

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