𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗮𝗻𝗱 𝗢𝘂𝘁𝗹𝗼𝗼𝗸 👀

The #BTC/USDT chart reflects a strong bearish trend. The price has been consistently making lower highs and lower lows, confined within a descending channel. The failure to hold above the 0.618 Fibonacci retracement level indicates potential further downside.

𝗕𝗲𝗮𝗿𝗶𝘀𝗵 𝗦𝗰𝗲𝗻𝗮𝗿𝗶𝗼 📉

If #BTC fails to hold the 0.618 Fibonacci retracement level, we could see a decline towards the 50,000 USDT psychological support and further down to the 0.786 Fibonacci retracement level around 48,000 USDT. The 200-day EMA at 58,211.08 USDT will act as a strong resistance, and unless the price breaks above this level, the bearish sentiment is likely to persist.

𝗕𝘂𝗹𝗹𝗶𝘀𝗵 𝗦𝗰𝗲𝗻𝗮𝗿𝗶𝗼 📈

For a bullish reversal, #BTC needs to break above the 200-day EMA and the upper boundary of the descending channel around 65,000 USDT. Sustained movement above these levels could shift the trend back to bullish, targeting higher Fibonacci levels and previous highs.

$BTC $