BTC/USDT Futures: Testing Key Resistance – Breakout or Rejection
1. Trend Direction:
Bitcoin is in a downtrend with a descending trendline acting as resistance.
Price is currently testing resistance at $84,000 - $85,000.
2. Key Support & Resistance Levels:
Resistance: Around $84,500 - $85,000 (purple zone), aligned with the descending trendline.
Support: Strong demand near $80,000 - $81,000.
3. Potential Breakout or Reversal Points:
If BTC breaks above $85,000 with strong volume, it could trigger a bullish breakout.
If BTC fails to break resistance, it may reject and retest support at $80,000.
4. Entry & Exit Points:
Long Entry: After a confirmed breakout above $85,000.
Take Profit (TP): $88,000 - $90,000.
Stop Loss (SL): Below $83,000.
Short Entry: If price rejects resistance and shows bearish signals.
TP: $81,000 - $80,000.
SL: Above $85,500.
5. Risk-Reward Assessment:
Breakout trade offers higher reward, but must be confirmed with volume.
Short trade has safer risk management if rejection is confirmed.
Final Thoughts:
Bullish scenario: Break above $85,000 → Targeting $88,000+.
Bearish scenario: Rejection at resistance → Retest $80,000.
Watch for volume confirmation and candlestick patterns before entering.
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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.