Hello traders here's my New BTC/USD idea, what you think on it? share your thoughts in comment section
1. Resistance Level: The resistance is clearly near the 102,044 price level, where the price encountered selling pressure. This level acts as a barrier preventing the price from moving higher.
2. Support Level and Target: The support level around 93,034, which is also the target for the anticipated bearish movement. This level represents a zone where buying interest might emerge, halting further price declines.
3. Current Price: At the time of analysis, the price is approximately 99,500. The bearish trend suggests that the price is expected to decline further toward the support zone.
4. Bearish Trend Confirmation: The sharp rejection from the resistance zone and the formation of bearish candlestick patterns indicate that sellers are in control. with the downtrend on the chart.
Fundamental Insight:
The decline could be driven by broader market sentiment, macroeconomic factors, or profit-taking For traders near resistance. It’s crucial to monitor key events, such as regulatory updates or economic data, that could influence Bitcoin’s price action.
Traders should remain cautious and consider using tight stop-losses near the resistance level to manage risk effectively. If the price breaks below the support level, further downside potential may unfold.
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1. Resistance Level: The resistance is clearly near the 102,044 price level, where the price encountered selling pressure. This level acts as a barrier preventing the price from moving higher.
2. Support Level and Target: The support level around 93,034, which is also the target for the anticipated bearish movement. This level represents a zone where buying interest might emerge, halting further price declines.
3. Current Price: At the time of analysis, the price is approximately 99,500. The bearish trend suggests that the price is expected to decline further toward the support zone.
4. Bearish Trend Confirmation: The sharp rejection from the resistance zone and the formation of bearish candlestick patterns indicate that sellers are in control. with the downtrend on the chart.
Fundamental Insight:
The decline could be driven by broader market sentiment, macroeconomic factors, or profit-taking For traders near resistance. It’s crucial to monitor key events, such as regulatory updates or economic data, that could influence Bitcoin’s price action.
Traders should remain cautious and consider using tight stop-losses near the resistance level to manage risk effectively. If the price breaks below the support level, further downside potential may unfold.
Follow me for more updates and don't forget to share my idea with your friends and family
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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.
join on telegram
t.me/+RuNdZvCfSq0yMTI0
t.me/+RuNdZvCfSq0yMTI0
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.