Daily BTC Technical Analysis – Bearish Evidence (Short Setup)

1. Rising Wedge Pattern
The daily chart shows a Rising Wedge formation – a technical pattern that often signals a potential trend reversal downward.
Moreover, the price increase is accompanied by decreasing volume, reinforcing the likelihood of an upcoming correction.
(Source: Investopedia)

2. Indicators in Overbought Territory
RSI (Relative Strength Index): above 70 – signals overbought conditions.

CCI (Commodity Channel Index): above 100 – also signals overbought.

Williams %R: above -20 – again, confirms excessive buying pressure.

These conditions typically indicate market exhaustion and a high chance of short-term pullback.
(Source: CentralCharts)

3. Bearish Harami Candlestick Pattern
A Bearish Harami has formed on the chart – a potential reversal pattern, especially after an uptrend.
It often marks a shift in market sentiment and weakening momentum.

4. Bearish Divergence
There is a clear bearish divergence between price and RSI – while price makes new highs, RSI is trending lower.
This classic signal suggests weakening buying power and a possible trend reversal.
(Source: CentralCharts)

🧭 Key Support Levels to Watch
$107,000: first minor support area.

$100,000: a strong psychological support level.

$92,000: deeper support, aligned with historical trading zones and moving averages.

📊 Summary
While Bitcoin’s long-term trend remains bullish, the short-term indicators suggest a potential correction.
Traders looking for short opportunities should monitor the technical signals above and use key support zones as potential profit targets.