🔥🔥BTC/USDT🔥🔥- UPDATE

Weekly Resistance:

Bitcoin (BTC) is currently encountering a weekly resistance zone between $68,700 and $64,500.

This range has led to consolidation, resulting in squeezed volume.

Daily Chart Insights:

BTC was previously following a pennant pattern on the daily chart.

However, the pattern was broken, and the current critical resistance stands at $66,700.

If the price manages to close inside the pennant again, we can expect a surge higher, potentially breaking the resistance.

Potential Scenarios:

Bullish Scenario: If BTC pushes upward and closes within the pennant, it could break the resistance.

Bearish Scenario: If the price fails to push up, it may enter a descendant parallel channel, gradually seeking liquidity below $59,000.

4-Hour Chart Considerations:

The 4-hour chart shows that the price is still struggling to breach the pennant.

A close inside the pennant could serve as an entry trigger, but it’s crucial to set a stop loss below $57,000 to mitigate market volatility.

Chart Timeframes:

It’s advisable to focus on charts above the 4-hour timeframe, as shorter intervals are susceptible to manipulation.

Conclusion:

BTC’s movement within a descendant parallel channel often precedes an upside breakout.

Let’s keep an eye on the developments and see how the market unfolds.

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