This chart represents Bitcoin (BTC) against Tether (USDT) on the Binance exchange, displayed on a 1-hour timeframe. Below is the analysis:
Key Observations:
Price Action & Structure:
The price recently had a strong upward movement but faced resistance around the 91,634 USDT level.
A potential double-top or rejection is forming in the marked red zone, indicating a bearish bias.
The price is currently around 88,336 USDT, showing signs of weakness.
Support & Resistance Levels:
Resistance Zone: Around 91,634 USDT (red box) – the price attempted to break through but failed.
Current Level: 88,336 USDT – a minor support level.
Next Key Support: 81,583 USDT (highlighted by the lower blue line).
Bearish Scenario:
The red arrow and shaded area indicate a potential sell setup.
The price is expected to retest the broken support (around 88,500 USDT) and then continue downwards.
A drop towards 81,583 USDT is anticipated if the bearish momentum continues.
Conclusion:
Bias: Bearish in the short term.
Potential Trade Setup: A break below 88,500 USDT could trigger a sell-off towards 81,500 USDT.
Invalidation: If the price breaks above 91,634 USDT, the bearish outlook would be invalidated.
Key Observations:
Price Action & Structure:
The price recently had a strong upward movement but faced resistance around the 91,634 USDT level.
A potential double-top or rejection is forming in the marked red zone, indicating a bearish bias.
The price is currently around 88,336 USDT, showing signs of weakness.
Support & Resistance Levels:
Resistance Zone: Around 91,634 USDT (red box) – the price attempted to break through but failed.
Current Level: 88,336 USDT – a minor support level.
Next Key Support: 81,583 USDT (highlighted by the lower blue line).
Bearish Scenario:
The red arrow and shaded area indicate a potential sell setup.
The price is expected to retest the broken support (around 88,500 USDT) and then continue downwards.
A drop towards 81,583 USDT is anticipated if the bearish momentum continues.
Conclusion:
Bias: Bearish in the short term.
Potential Trade Setup: A break below 88,500 USDT could trigger a sell-off towards 81,500 USDT.
Invalidation: If the price breaks above 91,634 USDT, the bearish outlook would be invalidated.
Trade active
Resistance Level: 91,634 USDT (Strong rejection zone)Note
Current Price: 88,336 USDT (Testing minor support)Bearish Scenario: Price expected to retest 88,500 USDT before continuing downward
Target Support: 81,583 USDT
Invalidation: A break above 91,634 USDT would negate the bearish outlook
Trade closed: target reached
boom boom boom enjoy profitall tps hit
Current Price: 88,336 USDT (Testing minor support)
Bearish Scenario: Price expected to retest 88,500 USDT before continuing downward
Target Support: 81,583 USDT
Invalidation: A break above 91,634 USDT would negate the bearish outlook
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Join My telegram channel Free:
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Forex:+400Pips & Crypto +420% monthly profit at VIP.
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VIP Channels:
Forex:+400Pips & Crypto +420% monthly profit at VIP.
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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.