BTCUSDT Headed for more than 7% Drop?
Updated
Hey Realistic Traders, let's dive into the technical analysis of 
BTCUSDT
Bitcoin is currently trading below the EMA90 line, indicating a bearish trend. The breakout from the rising wedge formation further confirms this downtrend. Additionally, the momentum indicator has revealed an MACD bearish crossover, reinforcing the negative sentiment. This crossover, marked by the MACD line crossing below the signal line, underscores increased selling pressure and suggests a potential downward movement. Therefore, these combined technical signals collectively suggest a continuation of the bearish trend, with our initial target set at 58,093 or potentially dropping further to the second target at 55,742.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Bitcoin."
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below
BTCUSDT Bitcoin is currently trading below the EMA90 line, indicating a bearish trend. The breakout from the rising wedge formation further confirms this downtrend. Additionally, the momentum indicator has revealed an MACD bearish crossover, reinforcing the negative sentiment. This crossover, marked by the MACD line crossing below the signal line, underscores increased selling pressure and suggests a potential downward movement. Therefore, these combined technical signals collectively suggest a continuation of the bearish trend, with our initial target set at 58,093 or potentially dropping further to the second target at 55,742.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Bitcoin."
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below
Trade active
Bitcoin exceeds the grey zone, the bearish sentiment will continue furtherNote
Reached the first target as we expected to beTrade closed: target reached
Reached the second target, it could be consider as an area for taking profit Note
Not finding any opportunity yet, we will not post until we find something suitable to our trading strategy
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.