BTC/USDT Daily Chart Analysis:!!

7 wrz

The chart shows that BTC/USDT is trading within a descending wedge pattern, with price action consistently testing the lower boundary of this pattern.
The price is currently sitting at a crucial support level of around $52,408, represented by the green trendline and the horizontal yellow line, which has served as a historical support area.
Support and Resistance Levels:

Immediate support is around $52,408. A break below this level could lead to a retest of lower support near the $50,000 psychological level or potentially lower.

The nearest resistance is the upper boundary of the descending wedge, followed by horizontal resistance around $66,000.
Possible Scenario:

A strong bounce off the current support level around $52,408, followed by a breakout above the upper boundary of the descending wedge, could signal a bullish reversal. A breakout above $66,000 would confirm a strong uptrend continuation.

If BTC fails to hold the support at $52,408, we could see increasing selling pressure, pushing the price down towards the next support level.

A head and shoulders pattern formation was completed earlier, indicating a bearish signal that appeared in the downward movement.

Currently, the descending wedge pattern is typically a bullish reversal pattern; thus, a breakout to the upside would align with the usual outcome of this pattern.

Monitoring volume is essential; a breakout with a strong volume would validate the move.

Oscillators such as the RSI and MACD would provide further confirmation; look for an oversold signal on the RSI or a bullish crossover on the MACD.

Manage risk with stop-loss levels below current support if bullish, or slightly above the upper boundary of the wedge if a continued bearish move is expected.
This analysis suggests that BTC is at a pivotal point, with significant upside potential depending on the integrity of the support level. Keep an eye on volume and price action near key levels for cues to the next major direction.


Disclaimer: This is not financial advice. Stay updated with market movements and adjust your trading strategy accordingly. Keep an eye out for further updates and analysis. Thank you!