Bitcoin can continue to decline and break support level

Hello traders, I want share with you my opinion about Bitcoin. Following an earlier upward trend, bitcoin entered a prolonged phase of consolidation, forming a large upward pennant where price action was tightly contested between the seller zone near 117000 and an ascending support line. This period of balance, however, has recently resolved to the downside with a significant change in market structure. A decisive breakdown has occurred, with the price breaking below the pennant's long-standing support line, signaling that sellers have ultimately gained control. Currently, after the initial drop, the asset is undergoing a minor upward correction, which appears to be a classic retest of the broken structure from below. The primary working hypothesis is a brief scenario that anticipates this corrective rally will fail upon encountering resistance from the broken trendline. A confirmed rejection from this area would validate the bearish breakdown and likely initiate the next major impulsive leg downwards. The first objective for this move is the buyer zone around the 112000 support level, but given the significance of the pattern breakdown, a continuation of the fall is expected. Therefore, the ultimate target price for this scenario is placed at the 109,000 level, representing a logical measured move target following the resolution of the large consolidation pattern. Please share this idea with your friends and click Boost 🚀

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