BTCUSDT: Major Downtrend Warning – Is a Collapse Imminent?Yello, Paradisers! Are we on the verge of witnessing #BTCUSDT plummet even further? Buckle up as we dissect the latest movements and what they mean for you!
💎Over the past 24 hours, #BTCUSDT has been mercilessly sweeping longs, signaling a continuous downtrend. This pattern is reflected in the consistent Break of Structure (BOS), emphasizing the bearish sentiment dominating the market.
💎BTCUSDT has repeatedly formed and tested a descending resistance trend-line, facing multiple rejections. These rejections reinforce the strength of the bearish trend, making it a critical level to watch.
💎The pair is eyeing a supply zone between 57,772 and 59,294. This area is ripe for liquidity grabs, and we anticipate a potential move to this zone, followed by another rejection. Additionally, the 0.66 Fibonacci resistance level at 56,980 is crucial. If BTCUSDT fails to break past this point, the descending resistance will likely trigger another downward move.
💎If the pair faces rejection at these levels, we can expect a descent to the minor support zone at 52,575. Should the decline persist, a drop to 49,506 is on the cards, marking a significant downturn.
💎However, if momentum shifts and BTCUSDT regains its previous range low with a strong candle close above it, we could see a reversal from the downtrend to an uptrend. This shift would be crucial for bulls aiming to regain control.
Stay vigilant, Paradisers. The market is volatile, and only the disciplined will thrive. But it never is, and never will be a free ride. Make sure you play it smart, Paradisers; the next 6-9 months will be juicy for some and painful for others. Discipline, patience, robust strategies, and trading tactics are the only ways you can make it long-term in this market.
Trade smart, Paradisers! Stay focused, patient, and disciplined. This is the only way you will make it far in your crypto trading journey. Be a PRO
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