BTCUSDT looks bearish!! WAIT for confirmation!!
Join our community and start your crypto journey today for:
In-depth market analysis
Accurate trade setups
Early access to trending altcoins
Life-changing profit potential
Hello everyone,
Let's analyse BTCUSDT in daily Timeframe!!
Bitcoin is currently trading within a defined pattern. The recent low volume and weak momentum has been driving the price downward.
Analyzing the 4hr chart reveals a potential Head and Shoulders pattern, suggesting a possible bearish reversal. The 200-day Moving Average (MA) is proving to be a significant resistance level.
Bitcoin has frequently bounced off the green support zone between $56,611 and $58,038, indicating weakening support. However, there is a risk of a further decline towards the lower trendline of the pattern, which aligns with the 400-day MA.
Liquidity is concentrated below $55,700, creating a potential support zone around $53,000.
A daily close above $60,863 could signal a bullish reversal.
Current Support Levels :
$56611 to $57255 (short term)
$52895
$48950
Resistance Levels:
$59636
$60863
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
In-depth market analysis
Accurate trade setups
Early access to trending altcoins
Life-changing profit potential
Hello everyone,
Let's analyse BTCUSDT in daily Timeframe!!
Bitcoin is currently trading within a defined pattern. The recent low volume and weak momentum has been driving the price downward.
Analyzing the 4hr chart reveals a potential Head and Shoulders pattern, suggesting a possible bearish reversal. The 200-day Moving Average (MA) is proving to be a significant resistance level.
Bitcoin has frequently bounced off the green support zone between $56,611 and $58,038, indicating weakening support. However, there is a risk of a further decline towards the lower trendline of the pattern, which aligns with the 400-day MA.
Liquidity is concentrated below $55,700, creating a potential support zone around $53,000.
A daily close above $60,863 could signal a bullish reversal.
Current Support Levels :
$56611 to $57255 (short term)
$52895
$48950
Resistance Levels:
$59636
$60863
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
Note
lets see whether it bounces from the above-said levels or not!!
Note
straight to the support level drawn.
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.