BTCUSDT (bitcoin): a perspective
Updated
hello guys.
Price Action Overview:
The chart shows Bitcoin within a rising wedge pattern, with the price nearing a key resistance level.
A potential pullback is expected in the near term, as highlighted by the downward arrow, before the price potentially retests lower trendline support.
Bearish Scenario:
The price could see a correction from the current level back to the 58,600 - 57,800 USDT support zone.
This is suggested by the wedge pattern, often signaling a potential reversal or pullback before a larger move.
Bullish Scenario:
If the price finds support at these levels, we could see a bounce, leading to a breakout above the wedge towards 68,000 USDT, as indicated by the larger upward arrow.
Market Sentiment:
In the short term, traders should be cautious of the possible pullback, but the larger trend remains bullish if the wedge holds and the price respects the lower trendline support.
Price Action Overview:
The chart shows Bitcoin within a rising wedge pattern, with the price nearing a key resistance level.
A potential pullback is expected in the near term, as highlighted by the downward arrow, before the price potentially retests lower trendline support.
Bearish Scenario:
The price could see a correction from the current level back to the 58,600 - 57,800 USDT support zone.
This is suggested by the wedge pattern, often signaling a potential reversal or pullback before a larger move.
Bullish Scenario:
If the price finds support at these levels, we could see a bounce, leading to a breakout above the wedge towards 68,000 USDT, as indicated by the larger upward arrow.
Market Sentiment:
In the short term, traders should be cautious of the possible pullback, but the larger trend remains bullish if the wedge holds and the price respects the lower trendline support.
Trade closed: target reached
the first potential area touched:
#btc #btcusdt #bitcoin
Note
AN UPDATE FOR BTC'S PERSPECTIVE
#btcusdt #btc
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bit.ly/HYCM-M
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👉my recommended exchange:
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My telegram channel:
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