BTC/USDT Reversal Breakout Prediction
Weekly BTC/USDT Analysis
In the weekly chart of Bitcoin against Tether (BTC/USDT), we observe that Bitcoin is in a descending channel. Yesterday, it made its third contact with the bottom of this channel. Considering the Doji candle that has formed on the daily chart, it is predicted that yesterday's contact was the last one, and soon Bitcoin will break this descending channel upward with strength.
Technical Analysis:
Descending Channel: Bitcoin is in a descending channel and recently made its third contact with the bottom of this channel.
Doji Candle: The formation of a Doji candle on the daily chart indicates a potential end to the downtrend and the start of a strong uptrend.
Support and Resistance: After breaking the descending channel, Bitcoin may correct to the specified support level and then move towards the price target of $120,000.
Price Prediction:
Given the above analysis, it is predicted that Bitcoin will soon break the descending channel upward and, after a short correction, move towards the target price of $120,000. Therefore, taking advantage of the current 50% discount opportunities for buying Bitcoin can be profitable.
Disclaimer:
I am not a financial advisor, and these predictions should not be taken as financial advice
In the weekly chart of Bitcoin against Tether (BTC/USDT), we observe that Bitcoin is in a descending channel. Yesterday, it made its third contact with the bottom of this channel. Considering the Doji candle that has formed on the daily chart, it is predicted that yesterday's contact was the last one, and soon Bitcoin will break this descending channel upward with strength.
Technical Analysis:
Descending Channel: Bitcoin is in a descending channel and recently made its third contact with the bottom of this channel.
Doji Candle: The formation of a Doji candle on the daily chart indicates a potential end to the downtrend and the start of a strong uptrend.
Support and Resistance: After breaking the descending channel, Bitcoin may correct to the specified support level and then move towards the price target of $120,000.
Price Prediction:
Given the above analysis, it is predicted that Bitcoin will soon break the descending channel upward and, after a short correction, move towards the target price of $120,000. Therefore, taking advantage of the current 50% discount opportunities for buying Bitcoin can be profitable.
Disclaimer:
I am not a financial advisor, and these predictions should not be taken as financial advice
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.