BTC/USDT Daily Analysis – Key Channel Insights
📊 BTC/USDT Daily Analysis – Key Channel Insights
Bitcoin has been trading within a channel for the past 217 days, as clearly visible on the chart. We've seen a few minor wick-offs (fakeouts) in both directions, but more frequently towards the downside. Notably, the channel's midline has been consistently respected as both support and resistance, which underscores its significance.
🔸 Potential Breakout/Breakdown: A breakout to either side of the channel would likely confirm the next major trend. However, given the choppy market conditions, caution is essential. I remain neutral until a decisive move happens. For me, the market needs to break the previous ATH at $73,777 to confirm a bullish breakout, while a break below $58,900 would signal a bearish breakdown.
🔹 Price Action Forecast: From my analysis, the market seems poised to test the upper boundary of the channel. Just $1,000 above that lies a critical 0.786 Fibonacci retracement level, which could serve as a turning point. I’ve laid out two potential scenarios, with clear targets for both bulls and bears:
⚔️ Two Scenarios to Watch:
Bullish Path 🚀
Invalidation: Below $58,900
Target: 103k – 110k
Bearish Path 🐻
Invalidation: Above $73,777
Target: 44.5k – 40k
While I haven’t specified exact timelines for these targets, I expect strong movements in either direction once the breakout or breakdown is confirmed.
⚠️ Divergence Forming: On the daily timeframe, there’s a clear bearish divergence building, aligning with both of the outlined scenarios. Personally, I’m leaning towards a strong rejection at higher levels, as it would open a lucrative opportunity to enter a short position targeting 44k. This could allow us to capitalize on a solid drop before the anticipated bull run.
🚨 Disclaimer:
This is not financial advice. Always conduct your own research and trade responsibly. Markets are highly volatile, and you should only invest money you are prepared to lose.
Bitcoin has been trading within a channel for the past 217 days, as clearly visible on the chart. We've seen a few minor wick-offs (fakeouts) in both directions, but more frequently towards the downside. Notably, the channel's midline has been consistently respected as both support and resistance, which underscores its significance.
🔸 Potential Breakout/Breakdown: A breakout to either side of the channel would likely confirm the next major trend. However, given the choppy market conditions, caution is essential. I remain neutral until a decisive move happens. For me, the market needs to break the previous ATH at $73,777 to confirm a bullish breakout, while a break below $58,900 would signal a bearish breakdown.
🔹 Price Action Forecast: From my analysis, the market seems poised to test the upper boundary of the channel. Just $1,000 above that lies a critical 0.786 Fibonacci retracement level, which could serve as a turning point. I’ve laid out two potential scenarios, with clear targets for both bulls and bears:
⚔️ Two Scenarios to Watch:
Bullish Path 🚀
Invalidation: Below $58,900
Target: 103k – 110k
Bearish Path 🐻
Invalidation: Above $73,777
Target: 44.5k – 40k
While I haven’t specified exact timelines for these targets, I expect strong movements in either direction once the breakout or breakdown is confirmed.
⚠️ Divergence Forming: On the daily timeframe, there’s a clear bearish divergence building, aligning with both of the outlined scenarios. Personally, I’m leaning towards a strong rejection at higher levels, as it would open a lucrative opportunity to enter a short position targeting 44k. This could allow us to capitalize on a solid drop before the anticipated bull run.
🚨 Disclaimer:
This is not financial advice. Always conduct your own research and trade responsibly. Markets are highly volatile, and you should only invest money you are prepared to lose.
Disclaimer
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