Looking at the BTC/USDT weekly chart,
The current price of Bitcoin is around $92,214, which represents a recent decline of around 4.2%. This indicates some selling pressure in the market.
The chart displays a classic cup and handle pattern, which is generally bullish. A consolidation (handle) followed by a rounded bottom (cup) suggests the possibility of a breakout if the price crosses resistance.
There is a significant horizontal resistance near $96,500. A successful breakout above this level could signal a new upward trend.
The price is currently above key support, but a move below $90,000 could be significant. If it stays above this level, it could signal continued bullish sentiment.
The general trend appears upward since early 2023, supporting the bullish outlook until key resistance levels are broken.
Consider monitoring volume and other technical indicators to confirm trend strength, especially during potential breakout attempts.
If you have specific questions or need insight on particular aspects of the charts, let me know!
If you found this analysis helpful, hit the Like button and share your thoughts or questions in the comments below. Your feedback matters!
Thanks for your support!
DYOR. NFA
The chart displays a classic cup and handle pattern, which is generally bullish. A consolidation (handle) followed by a rounded bottom (cup) suggests the possibility of a breakout if the price crosses resistance.
There is a significant horizontal resistance near $96,500. A successful breakout above this level could signal a new upward trend.
The price is currently above key support, but a move below $90,000 could be significant. If it stays above this level, it could signal continued bullish sentiment.
The general trend appears upward since early 2023, supporting the bullish outlook until key resistance levels are broken.
Consider monitoring volume and other technical indicators to confirm trend strength, especially during potential breakout attempts.
If you have specific questions or need insight on particular aspects of the charts, let me know!
If you found this analysis helpful, hit the Like button and share your thoughts or questions in the comments below. Your feedback matters!
Thanks for your support!
DYOR. NFA
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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.