$BTC TODAY LATEST TECHNICAL ANALYSIS/ BE READY

The chart shows the price action for Bitcoin (BTC/USDT) on a 4-hour and 5 mint timeframe, with visible resistance, a breakdown, and potential target areas. Let's break down the key elements and provide technical insights:

Current Overview

Current Price: $53,965 (approximately)Pattern:

Clear downward movement with a breakdown below the previous support zone.

Resistance: Around the $56,000 area, marked by the blue horizontal line in the chart.

Target: The blue arrow indicates further downside movement, with a potential target near $52,000 or slightly above. This could be the next support zone based on previous price behavior.

Technical Breakdown

Breakout Confirmation: There is a series of red arrows pointing to lower highs, confirming a downward trend. The breakdown below $56,000 has validated this bearish setup.

Support Level: Immediate support is around $53,500. If BTC fails to hold this level, the next significant support could be around $52,000, indicated by the blue arrow.

Target Prediction:

Short Trade: If the price drops below $53,500, entering a short position could target the $52,000 level. Stop-loss should be above the $56,000 resistance level to protect from a reversal.Take Profit (TP) for the short position:TP1: $53,000TP2: $52,000 (main target).

Long Trade Consideration: A long trade would only be valid if the price reclaims the $56,000 level. Above this zone, BTC could potentially move back to retest the $58,000-$60,000 zone.

Entry: Above $56,000Take Profit: $58,000

Conclusion

The overall outlook is bearish unless BTC can reclaim the $56,000 level. The breakout below this point suggests further downside potential, with the next key target around $52,000. Adjust stop losses and profit targets accordingly for both long and short trades based on these levels.

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