BTC/USDT 1DAY UPDATE BY CRYPTOSANDERS
Hello, welcome to this BTC /USDT 1D chart update by CRYPTOSANDERS.
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CHART ANALYSIS:-daily timeframe, after breaking above the long-term bearish trendline and retesting both the trendline and 18K, the price has been trapped between two significant dynamic levels; the 50-day and 100-day moving average lines, located around 20K and 21K.
The cryptocurrency has been consolidating in this range since breaking the 50-day moving average to the upside but is yet to close above the 100-day MA.
A bullish breakout could lead to a rally toward the 200-day MA and the 24K resistance level, which are both strong barriers to be surpassed before anticipating the beginning of a new bull market.
On the other hand, in the event of a deeper pullback, the significant 18K support level could come into play once more. However, it may not be reliable as it has already been tested on multiple occasions recently and, as a result, should be considerably weakened.
This is not a piece of financial advice.
Hit the like button if you like it and share your charts in the comments section.
thank you.
I have tried my best to bring the best possible outcome to this chart.
Show some support do hit the like button, follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis.
CHART ANALYSIS:-daily timeframe, after breaking above the long-term bearish trendline and retesting both the trendline and 18K, the price has been trapped between two significant dynamic levels; the 50-day and 100-day moving average lines, located around 20K and 21K.
The cryptocurrency has been consolidating in this range since breaking the 50-day moving average to the upside but is yet to close above the 100-day MA.
A bullish breakout could lead to a rally toward the 200-day MA and the 24K resistance level, which are both strong barriers to be surpassed before anticipating the beginning of a new bull market.
On the other hand, in the event of a deeper pullback, the significant 18K support level could come into play once more. However, it may not be reliable as it has already been tested on multiple occasions recently and, as a result, should be considerably weakened.
This is not a piece of financial advice.
Hit the like button if you like it and share your charts in the comments section.
thank you.
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