BTC broke parallel channel!! Now Uptrend, Downtrend or Sideways?
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Let's analyze BTCUSDT :
Bitcoin (BTC) experienced a sharp decline of nearly 14% last week, closing just above $95,000. This significant drop from $108,000 to $92,200 triggered a severe market downturn.
Currently, the $92,500 support level is providing crucial resistance. The direction of the next weekly BTC close will determine the overall market trend:
Uptrend: If BTC closes above $96,000 next week, support will be at $96,000, and resistance at $98,500.
Sideways Trend: If BTC closes between $96,000 and $92,500, support will be at $92,500, and resistance at $96,000.
Downtrend: If BTC closes below $92,500, support will be at $85,800, and resistance at $92,500.
A sideways or uptrend in BTC is likely to foster a bullish sentiment among altcoins, potentially leading to an altcoin season. Conversely, a downtrend in BTC could push altcoins to new lows.
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
In-depth market analysis
Accurate trade setups
Early access to trending altcoins
Life-changing profit potential
Let's analyze BTCUSDT :
Bitcoin (BTC) experienced a sharp decline of nearly 14% last week, closing just above $95,000. This significant drop from $108,000 to $92,200 triggered a severe market downturn.
Currently, the $92,500 support level is providing crucial resistance. The direction of the next weekly BTC close will determine the overall market trend:
Uptrend: If BTC closes above $96,000 next week, support will be at $96,000, and resistance at $98,500.
Sideways Trend: If BTC closes between $96,000 and $92,500, support will be at $92,500, and resistance at $96,000.
Downtrend: If BTC closes below $92,500, support will be at $85,800, and resistance at $92,500.
A sideways or uptrend in BTC is likely to foster a bullish sentiment among altcoins, potentially leading to an altcoin season. Conversely, a downtrend in BTC could push altcoins to new lows.
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
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