This chart represents the BTC/USDT (Bitcoin to Tether) trading pair on Binance, with a 1-hour timeframe.
Observations:
Bearish Structure:
The price has been forming lower highs and lower lows, indicating a downtrend.
A descending trendline is marked, showing the price rejection at key resistance levels.
Key Support & Resistance Levels:
Support is highlighted around $79,363 - $80,250, where buyers may step in.
Resistance is observed near $83,400 - $83,791, where the price was recently rejected.
Chart Patterns:
The price made a lower high at the recent peak (circled in orange).
The pattern suggests a potential double-top formation, reinforcing bearish sentiment.
Projected Movement:
A potential drop is illustrated with blue arrows, targeting the support zone near $79,363 - $80,250.
The stop-loss appears to be set around $83,400, above the recent high.
The risk-to-reward ratio favors a short position.
Conclusion:
The short-term trend remains bearish unless BTC breaks above the resistance zone.
If BTC fails to hold above the $82,500 level, it could drop to the $80,250 - $79,363 range.
Traders might consider shorting BTC with a stop-loss above $83,400.