Bitcoin (BTC/USDT) Bearish Breakdown: Price Drops with Further D
This chart is a Bitcoin/USDT (BTC/USDT)
Key Observations:
1. Downtrend Pattern:
The price is in a clear downtrend, as indicated by the curved red and blue downward channel.
A bearish momentum is evident, with multiple price levels showing declines.
2. Price Declines and Targets:
The price dropped by -4,538.43 USDT (-4.48%) in 1 day and 10 hours, reaching 97,896.12 USDT.
A further drop of -5,255.01 USDT (-5.19%) is projected within 1 day and 19 hours, reaching 96,072.88 USDT.
3. Failure Zone:
A "FAILURE" label is marked near the lower price target, indicating a possible breakdown zone where further declines might occur.
4. Resistance and Support Levels:
98,542.86 USDT is a key level where price is currently at (as per the latest timestamp).
96,000 USDT region is a critical support level.
Conclusion & Possible Next Moves:
Bearish Sentiment: The price action suggests further downside pressure, possibly testing the 96,000 USDT level.
Potential Breakdown: If support at 96,000 USDT fails, more downside risk could follow.
Reversal Signal?: A strong bounce from support zones would be required to shift momentum back to bullish.
Trading Considerations:
If you’re shorting BTC, consider trailing stops to protect profits.
Key Observations:
1. Downtrend Pattern:
The price is in a clear downtrend, as indicated by the curved red and blue downward channel.
A bearish momentum is evident, with multiple price levels showing declines.
2. Price Declines and Targets:
The price dropped by -4,538.43 USDT (-4.48%) in 1 day and 10 hours, reaching 97,896.12 USDT.
A further drop of -5,255.01 USDT (-5.19%) is projected within 1 day and 19 hours, reaching 96,072.88 USDT.
3. Failure Zone:
A "FAILURE" label is marked near the lower price target, indicating a possible breakdown zone where further declines might occur.
4. Resistance and Support Levels:
98,542.86 USDT is a key level where price is currently at (as per the latest timestamp).
96,000 USDT region is a critical support level.
Conclusion & Possible Next Moves:
Bearish Sentiment: The price action suggests further downside pressure, possibly testing the 96,000 USDT level.
Potential Breakdown: If support at 96,000 USDT fails, more downside risk could follow.
Reversal Signal?: A strong bounce from support zones would be required to shift momentum back to bullish.
Trading Considerations:
If you’re shorting BTC, consider trailing stops to protect profits.
Trade closed: target reached
🎯 Target Hit! Another Successful Trade! 🎯
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This is why we trust the process, respect market structure, and execute with confidence.
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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.
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.