#BinanceMegadropSolv
Analysis and assessment of BTC/USDT trend until 21:00 on 08/01
1. Coinglass Chart Data
• Liquidity distribution (Order Book Heatmap):
• Price area 98,000: There is a large amount of sell orders (dark yellow), indicating profit-taking pressure in this area.
• Price area 96,000 and 94,000: A strong buying area appears (green), showing good support.
• Assessment:
• BTC is fluctuating within a narrow price channel, constrained by selling pressure above and strong support below.
• The accumulation of liquidity in the support area indicates that the price may test lower levels before recovering.
2. Technical chart (first image)
• RSI indicator:
• Short-term RSI (6): 23.6 - oversold area, a short-term bounce may occur.
• However, the mid-term RSI (12, 24) remains low, indicating that the downward momentum is prevailing.
• MA lines:
• The current price is below MA(7), MA(25), and MA(99), indicating that the downtrend is dominating.
• MA(7) and MA(25) converge near the level of 97,300, becoming an important resistance.
3. Short-term assessment until 21:00 today:
1. Bearish scenario:
• If BTC breaks the support level of 96,000, it is highly likely to test the 94,000 area (strong buying area on the heatmap).
• This is the scenario with the highest probability, as selling pressure is still greater than buying power.
2. Recovery scenario:
• If BTC holds above 96,000, a bounce back to 97,300 or further to 98,000 may occur before continuing the downtrend.
Proposed trading strategy:
1. Enter Short (Sell):
• Entry: 96,500 - 96,800.
• TP1: 94,800, TP2: 94,000.
• SL: 97,500.
2. Enter Long (Buy):
• Entry: 94,000 - 94,300 (strong support area).
• TP1: 96,000, TP2: 97,300.
• SL: 93,500.