BTCUSDT Key Levels in Focus📌 Trading Instrument: BTC/USDT 📌
🔶 Key Levels in Focus - Bullish and Bearish Scenarios 🔶
📝 Market Overview:
Bitcoin is currently positioned at the top of its ascending channel, showing weakness in the recent 4H doji candlesticks, which often signal indecision in the market. The Elliott Wave (EW) count indicates the completion of a 5-wave upward move, suggesting that the current bullish run might be nearing its end, with a possible correction on the horizon.
However, for both bullish and bearish scenarios, the first target of 63.7k is expected to hold significant importance and should be reached. Whether BTC continues upward or begins a reversal, this level serves as a key pivot point.
🎯 Targets:
63,700 – First target for both bullish and bearish scenarios. This level acts as a short-term support and key point to watch in the near future.
Bearish Scenario:
58,500 – Midpoint of the current channel, which could lead to further downside pressure.
48,000 – A deeper retracement aligned with significant support.
44,000 – 40,000 – Final target range, representing strong support from previous market lows.
Bullish Scenario:
If BTC maintains above 63.7k and breaks out from the current resistance, we could see a continuation of the bullish trend, with targets above the current levels.
🚨 Strategy:
Stop Loss (SL): Set slightly above the current channel top to avoid false breakouts.
Take Profit (TP): The first target remains 63.7k for both scenarios, followed by 58,500, 48,000, and 44,000-40,000 for the bearish case.
This analysis gives weight to both scenarios, but the 63.7k target is a critical level to be expected and monitored in the next move, whether BTC pushes higher or starts its correction.
🚨 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.
