BTC making descending channel, wait for bullish conformation!!
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Let's analyze BTCUSDT :
Bitcoin surpassed 99k as it closed above the previously identified resistance on the daily chart, recent price action suggests a potential bearish trend. The formation of lower highs (LH) and lower lows (LL) over the past few days indicates a developing bearish channel in the shorter timeframe.
For a convincing bullish reversal, Bitcoin needs to achieve a daily close above $101,000. Failure to do so could lead to a significant drop towards $85,000 if the price continues to follow the descending channel. This situation could also be interpreted as a short-term bullish trap, enticing buyers before a further decline. Therefore, it's advisable to wait for a confirmed break above $101,000 before considering long positions.
Key Support Levels:
98.5k
95.4k
Key Resistance Level:
101k
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 surpassed 99k as it closed above the previously identified resistance on the daily chart, recent price action suggests a potential bearish trend. The formation of lower highs (LH) and lower lows (LL) over the past few days indicates a developing bearish channel in the shorter timeframe.
For a convincing bullish reversal, Bitcoin needs to achieve a daily close above $101,000. Failure to do so could lead to a significant drop towards $85,000 if the price continues to follow the descending channel. This situation could also be interpreted as a short-term bullish trap, enticing buyers before a further decline. Therefore, it's advisable to wait for a confirmed break above $101,000 before considering long positions.
Key Support Levels:
98.5k
95.4k
Key Resistance Level:
101k
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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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.