Bitcoin's Critical Trendline

Bitcoin has struggled to break through the resistance area, leading to a decline in its price.
However, it is currently maintaining a position above the support area, which is a positive indication.

Concurrently, altcoins are exhibiting an encouraging upward trend, which is expected to persist if Bitcoin remains above the $40,500 level.

Now, we're observing a close below the 0.236 Fibonacci range.
If there's a downward breach of the ascending trendline, Bitcoin could undergo a price correction reaching the green support box.

This specific area is a crucial and reliable support located within the 1 Fibonacci zone. This indicates that while Bitcoin is facing some resistance and potential downward pressure, the overall market sentiment, especially with altcoins, remains optimistic, contingent on Bitcoin's stability above critical price levels.

This analysis is for informational purposes only and should not be considered as financial advice.

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Be sure to consider this triangular pattern formed in the daily timeframe.

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