1. General Appearance and Formation
• Chart Analysis: A falling wedge formation is visible on the 2-hour BTC/USDT chart. This formation usually carries the potential for an upward breakout.
• Pattern Target: After the upward breakout from the pattern, the estimated target appears to be 102,000 USDT. This target indicates a potential of 13.93% as indicated in the chart.
2. Support and Resistance Levels
• Support Levels:
• 94,000 USDT: A short-term important support level. If broken, the price may drop to 90,000 levels.
• 90,000 USDT: The main support zone. This level is critical and may see strong buying interest.
• Resistance Levels:
• 96,500 - 97,000 USDT: First significant resistance zone.
• 102,000 USDT: Target point of the formation and major resistance area.
3. Indicators
• Volume: An increase in volume is expected during the breakout of the formation. Confirmation of the breakout may be difficult without volume support.
• RSI: It may be recovering from the oversold territory, suggesting increasing upward momentum.
• Bollinger Bands: The price is moving close to the middle band and a squeeze is observed. This indicates that a breakout is approaching.
4. Trend and Strategy
• Trend Direction: Short-term upward. The medium-term main trend may return to the bull market with the upward break of the formation.
• Strategy:
• Entry Point: A safe buy can be made at a closing above the 96,500 level.
• Take Profit Point: Gradual profit taking can be done at 102,000 levels.
• Stop Loss: It would be logical to use a stop loss on a close below the 94,000 level.
5. Summary and Recommendation
• Confirmation of the Breakout: To confirm the formation breakout, closings above the 96,500 level should be monitored.
• Volume and Momentum: Increasing volume during the breakout may support the rise.
• Investor Strategy: It is recommended to open positions by managing risk and taking profits at certain target points.
This analysis includes a short-term technical view. The strategy should be constantly updated depending on market conditions.