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BTC

Bitcoin Price Faces Critical Resistance at $118K, Potential for New All-Time High or 24% Correction

The price of Bitcoin is moving within a descending wedge pattern. Bullish traders need to break through the resistance level at 118,000 USD to unlock the potential for a new all-time high. Conversely, a negative scenario suggests that a significant correction phase of approximately 24% from the recent peak could be imminent.
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AI Analysis

The current technical analysis indicates that Bitcoin's price is trading within a descending wedge, a pattern often seen as a continuation or reversal indicator. The key level to watch is 118,000 USD,...

AI Recommendation

Given the current technical setup, I recommend waiting for a confirmed breakout above 118,000 USD before entering a long position. This could validate the bullish scenario and provide a clearer risk-r...

Disclaimer

The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.

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