BTC/USDT 2-Hour Long Update!!
Current Analysis: BTC/USDT is trading within a descending channel on the 2-hour chart, suggesting that Bitcoin is in a short-term downtrend. However, BTC is currently testing the lower boundary of the channel and is showing signs of a potential bounce.
The lower boundary of the channel is around $56,200 - $56,500.
The upper boundary of the channel near $58,500 - A breakout above this could confirm a bullish reversal.
Monitor for an increase in volume, which could signal the strength of the move if BTC attempts to break out of the channel.
RSI: Currently in a neutral zone, suggesting no immediate overbought or oversold conditions.
A breakout above $58,500 with strong volume could trigger a move towards the next resistance levels around $60,000 and beyond.
Continued Downtrend: If BTC fails to break out and loses the $56,200 support level, it could continue to trend lower within the channel, targeting $55,000 or even lower.
Trading Plan:
Consider entering a long position on a confirmed breakout above the channel with a target of $60,000 and a stop loss just below the breakout level.
If BTC fails to hold the lower boundary and breaks below $56,200, consider shorting with a target of $55,000 and a stop loss above $57,000.
This is not financial advice. Keep a close watch on BTC's price action for rapid changes, and adjust your strategy as necessary. Stay tuned for further updates and analysis. Thank you!
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.