From the BTC/USDT chart (4H, Binance), here is the analysis of the strongest and closest support & resistance levels:
1. Nearest & Strongest Resistance:
• The zone around $87,500 - $88,000 (marked with the red area above the current price).
• This is a supply (resistance) area that has previously been a price reversal point.
• If the price breaks through this area with high volume, BTC is likely to continue its upward trend.
2. Nearest & Strongest Support:
• Nearest support: Around $85,000
• The price might experience a pullback to this area before continuing the rise.
• Strong support: Around $76,677 (the yellow zone at the bottom of the chart).
• This is a demand (strong support) area, where the price previously experienced significant bounces.
• If BTC drops to this area, there’s a high chance of a rebound.
BTC Movement Prediction:
• If BTC breaks through the $87,500 - $88,000 resistance, it is likely to rise towards $90,000 - $92,500.
• If BTC fails to break through the resistance and faces rejection, the price might return to $85,000 or even drop further to $82,500 - $80,000.
• If BTC drops below $80,000, it is likely to test the strong support at $76,677.
Currently, BTC is still in an uptrend with an upward channel pattern (marked with blue lines), but confirmation is needed to determine whether it will break out upwards or reverse downwards.
Remember do your own research
1. Nearest & Strongest Resistance:
• The zone around $87,500 - $88,000 (marked with the red area above the current price).
• This is a supply (resistance) area that has previously been a price reversal point.
• If the price breaks through this area with high volume, BTC is likely to continue its upward trend.
2. Nearest & Strongest Support:
• Nearest support: Around $85,000
• The price might experience a pullback to this area before continuing the rise.
• Strong support: Around $76,677 (the yellow zone at the bottom of the chart).
• This is a demand (strong support) area, where the price previously experienced significant bounces.
• If BTC drops to this area, there’s a high chance of a rebound.
BTC Movement Prediction:
• If BTC breaks through the $87,500 - $88,000 resistance, it is likely to rise towards $90,000 - $92,500.
• If BTC fails to break through the resistance and faces rejection, the price might return to $85,000 or even drop further to $82,500 - $80,000.
• If BTC drops below $80,000, it is likely to test the strong support at $76,677.
Currently, BTC is still in an uptrend with an upward channel pattern (marked with blue lines), but confirmation is needed to determine whether it will break out upwards or reverse downwards.
Remember do your own research
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.
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.