Bitcoin (BTC/USDT) Technical Analysis: Key Support Test and Pote
Key Observations
1. Support & Resistance Levels:
Support Zone (Red Line & Box at ~100,500 - 101,000 USDT):
The price has bounced multiple times from this zone, indicating strong buying pressure.
Resistance Zone (Purple Box at ~105,000 - 106,000 USDT):
The price has faced rejection from this level multiple times.
2. Price Action & Trend:
The chart shows a downtrend leading to a key support zone.
There was a previous rejection from resistance, as marked by the green arrows.
The price is currently testing the support level.
3. Potential Price Scenarios:
Bullish Scenario (Green Arrows):
If the support holds, a rebound towards the resistance (~105,000 - 106,000 USDT) is possible.
A break above this resistance could push BTC toward 108,000 USDT.
Bearish Scenario:
If BTC breaks below support, it could lead to further decline, possibly towards 98,000 USDT or lower.
Conclusion
Key Level to Watch: ~101,000 USDT (Support Zone)
If BTC holds above this level, a bullish rebound is expected.
Trade closed: stop reached
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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.