BTC/USDT Technical Analysis: Bearish Trend Continues
Bitcoin (BTC) is currently trading at $27,500, showing strong rejection from the retest level at $30,000 as per the chart. In our previous analysis, we recommended opening short or closing long, and we hope you followed our advice. Yesterday, we opened a short position for scalping and booked a good profit.
What's Next?
According to the chart, BTC is still bearish in the higher time frame (HTF), so we can expect it to reach $24,000 in the short term. However, it's essential to keep an eye on the $27,000 support level, which has become a strong support level.
Liquidity is also good at the $27,000 level, providing chances for a possible pump from here. However, if the support level breaks down, the next liquidity area is around $20,000.
The strong support after the $27,000 level is at $24,000, while the resistance level is at $30,500. The 50-day moving average indicates a bearish trend as BTC is currently trading below it.
On the other hand, the 200-day moving average is around $22,350, and the support is around $22,500-$24,000 levels.
Conclusion
To sum it up, BTC is currently in a bearish trend, and we expect it to reach $24,000 in the short term. However, keep an eye on the $27,000 support level, which has become a strong support level. Liquidity is good at this level, providing chances for a possible pump. Remember to always do your research before investing in any coins.
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