Technical analysis by Innotrade_AJ about Symbol BTC: Sell recommendation (11/19/2024)

In this analysis, Bitcoin appears to be in a distribution phase, as described by the Wyckoff Method, coupled with a Bearish Rising Wedge pattern, which suggests potential downside ahead. Here’s a breakdown of the key points:FOLLOW ME here in TradingView to become more Analysis. It's good for me. Thanks!Climax:The Buying Climax (BC) marked the peak of the upward momentum, where buyers exhausted their strength.Automatic Reaction (AR):After the BC, the price saw a sharp correction, defining the lower boundary of the range.Secondary Test (ST):The price revisited the range high, confirming the resistance zone and showing weakness at the upper levels.Upthrust:A false breakout above the resistance zone trapped buyers, further supporting the distribution narrative.Bearish Rising Wedge:The price action formed a Rising Wedge, a bearish continuation pattern. A breakdown below the wedge could trigger a move towards the $82,000 support zone.Possible Scenario:Breakdown Confirmation:A breakdown from the wedge combined with increasing sell volume could lead to a sharp decline.Target Zone: The immediate target lies around $83,000, with potential further downside if the distribution phase completes.Key Levels to Watch:Resistance: $94,000 - $93,500 (false breakout zone).Support: $82,000 (range low). **Disclaimer:**This analysis is for **educational and informational purposes only** and does not constitute a recommendation for trading decisions or business activities. Please conduct your own analysis and consult a financial advisor if needed before making any decisions. Cryptocurrencies are highly volatile and carry risks. Trade responsibly.