BTCUSD Technical Analysis : Triangle Found on H1 Timeframe
#BTCUSDT. #BTC☀ #technical_analysis #Write2Earn
Current Market Overview :
- Current Price :** $95,000
- Support Zone :** $95,000
- Resistance Levels :
- First Resistance : $94,000
- Second Resistance : $85,000 to $80,000
Analysis :
The BTCUSD pair has recently formed a **triangle pattern** on the H1 timeframe, indicating potential volatility ahead. As previously analyzed, the price was expected to drop to **$94,000**, which has occurred. If the price breaks below the support zone at **$95,000**, we could see a further decline towards the **$85,000 to $80,000** range.
Key Observations :
- The **800 pips** drop was anticipated if the price fell below the support level.
- Currently, BTCUSDT is showing signs of a potential rebound from the support zone, suggesting a possible long position.
Resistance Levels :
1. **$94,000** - Immediate resistance; a break above could signal bullish momentum.
2. **$85,000 to $80,000** - Critical support levels; if breached, it may indicate a bearish trend.
Conclusion :
Traders should remain cautious. If BTCUSD holds above the **$95,000** support, a long position could be viable. However, if it breaks below, prepare for a potential drop to the **$85,000 to $80,000** range.
Pro-Tip for Investors :
- **Always trade smarter:** Implement strict **money management** strategies to mitigate risks.
- Monitor market sentiment and news that could impact price movements.
Final Thoughts :
Stay vigilant and adapt your strategies based on market conditions. Happy trading!