BTCUSDT: Big volatility incoming!!
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Let's analyse BTCUSDT in HTF.
Bitcoin is currently trading within a parallel channel on the weekly timeframe. However, a recent breakdown below the channel's midline is a cause for concern, as it could indicate a potential bearish reversal.
If we zoom in, we could see Bitcoin currently trading below the mid-line of the parallel channel on the weekly timeframe. A weekly close above $60,441 is essential for maintaining bullish momentum and targeting $70,000.
However, a rejection from this level could lead to a significant pullback towards $46,000 - $44,000.
Recommendation: It's advisable to consider taking profits on your long positions between $59,000 and $59,500.
Key levels to watch:
- Weekly closing above $60,441
- Booking profits before
59K
-
46K to 44k zone if BTC rejects
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
Let's analyse BTCUSDT in HTF.
Bitcoin is currently trading within a parallel channel on the weekly timeframe. However, a recent breakdown below the channel's midline is a cause for concern, as it could indicate a potential bearish reversal.
If we zoom in, we could see Bitcoin currently trading below the mid-line of the parallel channel on the weekly timeframe. A weekly close above $60,441 is essential for maintaining bullish momentum and targeting $70,000.
However, a rejection from this level could lead to a significant pullback towards $46,000 - $44,000.
Recommendation: It's advisable to consider taking profits on your long positions between $59,000 and $59,500.
Key levels to watch:
- Weekly closing above $60,441
- Booking profits before
59K-
46K to 44k zone if BTC rejectsIf 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
BTC as expected closed just below $60,411.
Also, the most crucial weekly closing is also below $60,441.
BTCUSDT as of now flipping bearish in LTF.
Note
Need to sustain this daily close over this line for BTC bullish trend.
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