Bitcoin Bearish Breakdown So Ready for Another Leg Down ?
Updated
BTC/USDT Technical Analysis
BTC is currently trading at the $27,000 level and experienced a drop to $25,800.
Chart Analysis:
Based on the chart analysis, we can observe the following:
1️⃣ BTC was perfectly rejected from the $29,000 resistance level and underwent a significant decline to $25,800.
2️⃣ Currently, a triangle pattern is forming on the chart, and BTC is retesting the support level at $27,550 after breaking down from it.
3️⃣ The bearish trend is likely to continue until BTC breaks the $28,200 resistance level.
4️⃣ If the price remains below the white line resistance, we may witness further downward movement soon.
5️⃣ Potential targets in case the resistance is not broken include $24,880 and $22,600. It's worth noting that the 200-day moving average (MA) provides strong support at the $24,880 level.
Another Scenario:
If BTC successfully breaks the upward white line resistance at $28,200, we could anticipate new highs for this season.
Targets after the white line breakout are projected to be at $30,500 and $37,500.
Trading Tips:
Always trade with confirmations and avoid blind trading with your hard-earned money. It's important to thoroughly analyze the market and consider various indicators and factors before making trading decisions.
CryptoPatel Key Levels:
Support Levels: $24,880 / $22,600
Resistance Levels: $28,200 / $30,500 / $37,500
Trade wisely and stay informed!
BTC is currently trading at the $27,000 level and experienced a drop to $25,800.
Chart Analysis:
Based on the chart analysis, we can observe the following:
1️⃣ BTC was perfectly rejected from the $29,000 resistance level and underwent a significant decline to $25,800.
2️⃣ Currently, a triangle pattern is forming on the chart, and BTC is retesting the support level at $27,550 after breaking down from it.
3️⃣ The bearish trend is likely to continue until BTC breaks the $28,200 resistance level.
4️⃣ If the price remains below the white line resistance, we may witness further downward movement soon.
5️⃣ Potential targets in case the resistance is not broken include $24,880 and $22,600. It's worth noting that the 200-day moving average (MA) provides strong support at the $24,880 level.
Another Scenario:
If BTC successfully breaks the upward white line resistance at $28,200, we could anticipate new highs for this season.
Targets after the white line breakout are projected to be at $30,500 and $37,500.
Trading Tips:
Always trade with confirmations and avoid blind trading with your hard-earned money. It's important to thoroughly analyze the market and consider various indicators and factors before making trading decisions.
CryptoPatel Key Levels:
Support Levels: $24,880 / $22,600
Resistance Levels: $28,200 / $30,500 / $37,500
Trade wisely and stay informed!
Trade active
BTC Market Update
BTC faced rejection at 30k and broke down support at $27,500, confirming bearish sentiment.
After the breakdown, BTC retested the $28,000 support before continuing the downtrend.
The chart pattern led BTC to plummet to $25,000.
Enjoyed the ride from $28,000 to $25,000?
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