BTCUSDT Technical Analysis: Two Key Scenarios at Play!
Bitcoin's price action is at a critical juncture as we approach the US market open. The chart suggests a potential bounce in the next few hours; however, two scenarios may unfold if this bounce fails to materialize.
Scenario 1: Bullish Continuation
- A push beyond the 0.382 Fibonacci level (~$91,895.5) could pave the way for a retest of higher levels, targeting $98,190.1 and eventually $108,365.0.
- This scenario aligns with the overall trend and could be driven by positive market momentum.
Scenario 2: Deeper Retracement
- If the .382 support zone is broken, BTC could slide toward the next critical level at $72,746.0 (0.786 Fibonacci retracement).
- This scenario would likely trigger increased bearish sentiment, but it could present a potential buying opportunity for long-term traders.
- The 200 MA (blue line) will act as a key dynamic support in this case.
Key Observations :
- BTC has already broken below all major EMAs in LTF even 200EMA has been broken. BTC needs to close the daily above 96k to maintain some hope for reversal.
- The RSI is currently oversold, signalling a potential short-term reversal.
- Traders should monitor price action closely during the US session for confirmation of either scenario.
Stay vigilant, and as always, practice proper risk management in your trades.
Do hit that like button if my updates are helping you in any way.
#PEACE
Scenario 1: Bullish Continuation
- A push beyond the 0.382 Fibonacci level (~$91,895.5) could pave the way for a retest of higher levels, targeting $98,190.1 and eventually $108,365.0.
- This scenario aligns with the overall trend and could be driven by positive market momentum.
Scenario 2: Deeper Retracement
- If the .382 support zone is broken, BTC could slide toward the next critical level at $72,746.0 (0.786 Fibonacci retracement).
- This scenario would likely trigger increased bearish sentiment, but it could present a potential buying opportunity for long-term traders.
- The 200 MA (blue line) will act as a key dynamic support in this case.
Key Observations :
- BTC has already broken below all major EMAs in LTF even 200EMA has been broken. BTC needs to close the daily above 96k to maintain some hope for reversal.
- The RSI is currently oversold, signalling a potential short-term reversal.
- Traders should monitor price action closely during the US session for confirmation of either scenario.
Stay vigilant, and as always, practice proper risk management in your trades.
Do hit that like button if my updates are helping you in any way.
#PEACE
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