CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino

Crypto Daily 2025-05-15 09:00:25

Bitcoin (BTC) Signals Bearish Top Pattern: Market Analysis

Ahead of the US producer price index (PPI) release, and the Federal Reserve Chairman’s speech on Thursday, Bitcoin (BTC) has been forming a bearish M chart pattern. Could this pattern play out and send Bitcoin back down to $96,000? Important data releases and Fed Powell speech keenly awaited Stock markets are holding their breath as important data is due to be released on Thursday. The main focus here is on the US producer price index (PPI) release, and unemployment claims. Fed Chairman Jerome Powell’s speech is also keenly anticipated. This might give clues as to any potential adjustments in interest rate policy. M chart pattern danger Source: TradingView As can be seen in the 4-hour chart above, the $BTC price is approaching a critical point. An M pattern is still forming, and if the price should get down to the neckline at $100,760, break below, confirm, and continue down, the measured move could take the price down to just below $96,000, which would coincide with the top of the bull flag the price recently escaped from, plus some very strong horizontal support. It should be noted that the Stochastic RSI for the 4-hour time frame has the indicators approaching the bottom. This is the case for the 8-hour, and also soon the case for the 12-hour. When these turn back up, the price momentum should send $BTC back up, but it remains to be seen just how strongly or quickly this could occur. Bull pennant or flag? Source: TradingView This is an early thesis, but could the price action even be drawing a bull flag, or a bull pennant? As far as the pennant goes, this could be disproved very quickly if the price falls below the dashed line which marks the pennant’s bottom trendline. If the bull flag thesis plays out, the price could still go quite a bit lower - possibly down to the $98,000 level in order to make another touch of the bottom trendline of this potential flag. A logical correction for $BTC Source: TradingView Zooming right out into the weekly time frame, it can be seen that the recent small correction was very logical. This takes the price back down to good support levels from where the next rally can take the price much higher. At the bottom of the chart, the Relative Strength Index shows that the indicator is copying the price action by dipping back down slightly. That said, this brings it down to some good support structure at 62.60 where a bounce could take place. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.