BTC/USDT 1DAY UPDATE !!#BTC/USDT Analysis
Bitcoin is still trading within an ascending triangle pattern, having recently been rejected at the horizontal resistance area. The 100MA is currently providing support here.
Bitcoin is within an ascending triangle pattern, a bullish formation that signals potential continuation if resistance is broken.
Bitcoin was recently rejected at the horizontal resistance area within this pattern.
The 100MA (100-day moving average) is providing strong support at current levels.
A breakout above the resistance area with high volume would likely suggest an uptrend continuation.
A breakdown below the ascending support trendline with high selling volume would likely signal a bearish reversal.
If Bitcoin breaks above the resistance area with strong volume confirmation, consider entering a long position.
If Bitcoin breaks below the ascending support trendline with high selling volume, consider entering a short position.
Place a stop-loss order below the 100MA or recent support level for risk management.
Brief Update:
Bitcoin is trading within an ascending triangle pattern, supported by the 100MA and facing resistance in the horizontal zone. The next decisive move will depend on breaking above the resistance or below the support trendline, with volume providing key confirmation.
Stay tuned for further updates and analysis. Thanks!
What do you think after looking at the charts? Comment below.
