Bitcoin (BTC/USDT) Price Analysis: Potential Reversal or Further
Observations:
1. Downward Channel (Blue & Red Box)
The price has been moving inside a descending channel, indicating a short-term downtrend.
The lower boundary of the channel appears to act as support, while the upper boundary acts as resistance.
2. Breakout Possibility
The price is currently near the lower boundary of the channel, which might act as support.
The red zigzag pattern suggests a potential reversal or breakout to the upside.
3. Bullish Reversal Signals
The price is testing the lower trendline, which could result in a bounce.
Two upward arrows suggest possible bullish momentum if the price breaks the channel.
4. Key Resistance Levels
$98,000: A near-term resistance level.
$100,000: Psychological and technical resistance.
5. Key Support Levels
$96,000: Immediate support zone.
If this level breaks, it could lead to a further decline.
Possible Scenarios:
1. Bullish Breakout: If BTC holds the lower support and breaks above the channel, we could see a push towards $98,000 or higher.
2. Further Decline: If BTC breaks below the channel, it might drop towards $96,000 or lower.
Conclusion:
Watch for confirmation of a breakout.
A bullish move above the channel could indicate a trend reversal.
A break below support may continue the downward trend.
Trade closed: target reached
My BTC/USDT prediction played out perfectly! 🎯📉📈 The price action followed my analysis exactly, proving once again the power of solid technical strategies.
Huge thanks to my amazing followers for trusting my insights! Let’s keep catching these moves together! 💰🔥
Stay tuned for more accurate setups! 📊✨
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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.