Trading Symbol: BTCUSDT (Bitcoin / TetherUS)
Timeframe: 30 minutes (30m)
Exchange: Binance
Overall Review:
The BTCUSDT chart on the 30-minute timeframe shows that the price is fluctuating within a defined range.
Support and resistance levels are well-defined, and the price has reacted to these levels.
Key Points:
Resistance Levels:
The main resistance is in the range of $93,211 to $93,497. This range acts as a supply zone, and the price may decrease upon touching this area.
The next resistance is visible at $100,000, which is considered a significant psychological level.
Support Levels:
The primary support is around $87,261. This level acts as a demand zone, and the price may increase if it reaches this area.
The next support is seen at $82,500, which could be the next target for sellers if the previous support is broken.
Possible Scenarios:
Bullish Scenario:
If the price can break through the resistance range of $93,211 to $93,497 and consolidate, there is a possibility of the price increasing to the $100,000 level.
Traders can consider buying after the resistance is broken and a pullback occurs, while practicing risk management.
Bearish Scenario:
If the price fails to break through the resistance range of $93,211 to $93,497 and decreases after touching this area, there is a possibility of the price decreasing to the support level of $87,261.
In this case, traders can consider selling near the resistance after confirmation, while practicing risk management.
Recommendations:
Always practice risk management and use stop-loss orders.
Before entering a trade, review fundamental factors and news related to Bitcoin.
Keep in mind that the cryptocurrency market is very volatile, and analyses may change in the short term.
Note: This analysis is just a perspective and should not be considered financial advice. Always do your own analysis and consult with a financial advisor before making trades
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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.
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.