**Bitcoin’s downward trend confirmed:** Bitop analysis reveals that the BTC trend is in line with predictions made in August. Following a break below the wedge pattern, the price tested resistance upward but failed to clear previous highs, suggesting potential waning bullish momentum. Notably, recent price gains haven’t led to increased trading volume, highlighting stronger bearish forces. >
Based on these three points, Bitop maintains its view that the overall trend is bearish. The current price hovers around $119,000. We recommend entering at market prices or setting short positions at $120,000. Taking profits can be set in batches at $110,000 and the lower support level of $101,000. A stop-loss order is recommended at $126,000, as this level marks the primary liquidations point for current short positions, which could be triggered around $125,000 to avoid liquidity hunting risks.
**Reference Levels:**
* Direction: Short
* Entry: $119,000 / $120,000
* Take Profit: $110,000 / $101,000
* Stop Loss: $126,000
**Contrarian view:** Some analysts suggest the recent trend reflects a breakout from a flag pattern as indicated in the diagram. While this possibility cannot be entirely dismissed, we prioritize bearish predictions for now.
We consider technical analysis to rely on broader patterns over smaller ones, prioritizing larger patterns as they provide a more substantial basis for trading decisions.
* **Contriving factors:** The current bullish momentum for ETH seems promising and aligns with our prediction. The price has reached around $4,366 and is poised for further movement towards the predicted level of $4,373.
* However, recent volatility suggests a possible downward trend, with prices oscillating near $4,350 before falling
We recommend long positions above the flag pattern at entry levels between $3,980 and $4,000, with profits set in batches at $4,640, $4,868, and $4,990. The stop-loss level should depend on individual risk tolerance, suggested below $3,850.
**Reference Levels:**
* Direction: Long
* Entry: $3,980 – $4,000
* Take Profit: $4,640 / $4,868 / $4,990
* Stop Loss: $3,850
**Disclaimer:** This information should not be construed as a solicitation to buy or sell any currency, product, or financial instrument. Investing in cryptocurrencies is associated with risk and requires careful consideration of market volatility.