Technical analysis

The big picture 🖼️

The presented chart shows that BTC/USDT forms a symmetrical triangle, which signals a possible major price movement.

Indicator 🔍

  1. Moving Average (MA 99): The moving average (MA 99) (blue line) is running just above the current price and is located at 69185.17 USDT, which could act as resistance.

  2. Parabolic SAR: Current SAR points (blue dots) indicate slight selling pressure.

  3. Ichimoku Indicator: The Ichimoku Cloud shows that price is trading inside the cloud, indicating uncertainty and possible consolidation.

    $BTC

Chart formation 📐

A symmetrical triangle is formed with peaks and valleys gradually approaching each other. This usually signals the possibility of a breakout in either direction, either up or down.

Key levels 📏

  • Support: 67956.25 USDT

  • Resistance: 69185.17 USDT (MA level 99)

Potential scenarios 📈📉

  1. Bullish scenario: A break above the resistance level 69185.17 USDT and consolidation above the 99 MA can lead to strong growth. The next resistance levels will be at 70000 USDT and 71000 USDT.

  2. Bearish scenario: If the price breaks the lower border of the triangle and the support level of 67956.25 USDT, it may lead to further decline. In this case, the next support will be around 67000 USDT and 66000 USDT.

    $BTC

Trading volumes 📊

Trading volumes (red line) are currently low, which also indicates consolidation and the expectation of large market participants to decide on the direction.

Conclusions 📢

BTC/USDT is in an uncertain stage, trading inside a symmetrical triangle. A breakthrough in any direction will give a clearer signal about further movement. Investors should closely monitor support and resistance levels, as well as trading volumes, to confirm the move.

#cryptousdua