After a strong bullish recovery, USDT recently entered a consolidation phase near the $2.30 region, forming a clear distribution zone. Price has now broken below the lower boundary of the consolidation and the ascending parallel channel, signaling potential bearish continuation.
Key Technical Insights:
Break of structure at $2.0988 confirms selling pressure.
Price is retesting the broken support, now acting as resistance.
We are watching for a lower high formation around $1.9691 to confirm the downtrend continuation.
Potential Bearish Targets:
1. $1.9691 – Previous support, now resistance.
2. $1.8736 – Mid-range target in line with previous demand.
3. $1.7964 – Final target zone if momentum continues.
Trade Idea:
Look for confirmation of rejection at $1.9691 with strong bearish candles or wicks. If price fails to reclaim this level, short positions could be favorable toward $1.8736 and $1.7964.
Key Technical Insights:
Break of structure at $2.0988 confirms selling pressure.
Price is retesting the broken support, now acting as resistance.
We are watching for a lower high formation around $1.9691 to confirm the downtrend continuation.
Potential Bearish Targets:
1. $1.9691 – Previous support, now resistance.
2. $1.8736 – Mid-range target in line with previous demand.
3. $1.7964 – Final target zone if momentum continues.
Trade Idea:
Look for confirmation of rejection at $1.9691 with strong bearish candles or wicks. If price fails to reclaim this level, short positions could be favorable toward $1.8736 and $1.7964.
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.
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.