#BTCusdt 4h-93k below current downside targets 86-78.6k
And a lower rally may come in 2 days. Let's be patient with the lowers for 2 more days.
1. Overview
There is a falling structure visible on the chart. The price appears to have broken the support level after a period of consolidation and is falling.
2. Support and Resistance Levels
• Support: There is an important support level at 92,000. However, with the price breaking down from here, you have indicated 78,660 as the new support level. Whether this level can be held or not will be critical.
• Resistance: There is a resistance line near the 94,000 level. If the price recovers, there may be a return attempt to this level.
3. Formations and Formation Reversals
• This chart shows a structure that can be described as a rising wedge formation. Such formations usually result in declines.
• The price broke down from this structure and set the target at 78.660.
4. Trend Direction
• Short-term trend: Downward.
• Long-term trend: After consolidation, a downtrend seems to have started. However, the direction may change depending on the reactions to be received from the 78.660 level.
5. Indicators
• We need a volume profile analysis on this chart. This is useful to understand which area is heavily bought and sold.
• Technically, RSI or MACD indicators can be added to analyze whether it is in overbought or oversold territory.
6. Strategy and Recommendations
• For short-term investors: If there is no hold above 92,000, it may be necessary to act in line with the 78,660 target. However, if there is a pullback above 92,000, the transaction can be made by keeping the stop-loss level tight.
• For long-term investors: It should be noted that a new downtrend may have started. For those who want to buy from declines, the support zone at 78.660 can be followed.
• General strategy: Wait for the price to test the support levels. Do not rush to buy unless there are resistance breaks.