BTC/USDT Technical Analysis – Rounding Top Breakdown
🔹 Asset: Bitcoin (BTC/USDT Perpetual Futures)
🔹 Timeframe: 1D (Daily)
🔹 Exchange: MEXC
📊 Market Overview:
Bitcoin has formed a rounding top pattern, a classic bearish reversal structure, leading to a strong downtrend. The price has recently broken below key support levels, indicating further downside pressure.
📉 Key Technical Factors:
✅ Rounding Top Formation: The gradual loss of bullish momentum followed by an aggressive sell-off confirms a trend reversal.
✅ Accelerating Downtrend: Angled resistance lines highlight the declining bullish strength, with negative slope angles reinforcing downward momentum.
✅ Critical Support Zone: BTC is currently testing a key support area (~$74,000 - $72,000). A breakdown below this level could accelerate the decline.
📌 Potential Trade Setups:
Bearish Scenario: If BTC breaks below the $74,000 support zone, we could see further downside towards $70,000 or even $65,000 in the short term.
Bullish Reversal: A strong bounce from the current support level with increased volume could invalidate the bearish outlook, pushing BTC back toward $90,000+ resistance.
🔥 Conclusion:
Bitcoin's structure is bearish, with the rounding top pattern playing out as expected. Traders should watch for a confirmed support breakdown or bounce to determine the next move.
🔔 Manage risk and stay updated for further developments! 🚀
🔹 Timeframe: 1D (Daily)
🔹 Exchange: MEXC
📊 Market Overview:
Bitcoin has formed a rounding top pattern, a classic bearish reversal structure, leading to a strong downtrend. The price has recently broken below key support levels, indicating further downside pressure.
📉 Key Technical Factors:
✅ Rounding Top Formation: The gradual loss of bullish momentum followed by an aggressive sell-off confirms a trend reversal.
✅ Accelerating Downtrend: Angled resistance lines highlight the declining bullish strength, with negative slope angles reinforcing downward momentum.
✅ Critical Support Zone: BTC is currently testing a key support area (~$74,000 - $72,000). A breakdown below this level could accelerate the decline.
📌 Potential Trade Setups:
Bearish Scenario: If BTC breaks below the $74,000 support zone, we could see further downside towards $70,000 or even $65,000 in the short term.
Bullish Reversal: A strong bounce from the current support level with increased volume could invalidate the bearish outlook, pushing BTC back toward $90,000+ resistance.
🔥 Conclusion:
Bitcoin's structure is bearish, with the rounding top pattern playing out as expected. Traders should watch for a confirmed support breakdown or bounce to determine the next move.
🔔 Manage risk and stay updated for further developments! 🚀
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.
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.