$BTC Chart Overview:
- Timeframe: 1-Day
- Pair: BTC/USDT (Binance)
- Current Support: $56,552.82
Key Observations:
1. Trend: Price is in a downtrend with marked **Higher High (HH)** and **Lower High (LH)**.
2. RSI Divergences: Multiple bearish divergences indicate weakening momentum, while one bullish divergence suggests a potential short-term bounce.
3. Descending Channel: Price is within a descending channel, typically a bearish continuation pattern.
Trading Strategy:
1. Scalp Buy:
- **Entry:** $56,552.82 (current support)
- **Take Profit:**
- **TP1:** $58,000 (nearest resistance)
- **TP2:** $60,000 (previous resistance)
- **Stop Loss:** $55,500 (below support)
- **Rationale:** Targeting a bounce off support; keep SL tight due to bearish RSI signals.
2. Scalp Sell (if support breaks):
- **Entry:** Below $56,000
- **Take Profit:**
- **TP1:** $54,000 (next support)
- **TP2:** $53,000 (if momentum is strong)
- **Stop Loss:** $57,000 (above broken support)
- **Rationale:** Breakdown likely to push the price to the next support level; use RSI as a confirmation.
Patterns & Tips:
- **Descending Channel:** Watch for a breakout (bullish) or breakdown (bearish).
- **RSI Divergences:** Bearish divergences dominate, but a recent bullish divergence suggests a potential short-term reversal.
**Final Tip:** Always wait for confirmation before entering trades, especially near critical levels like $56,552.82.
