Bitcoin Technical Analysis Chart:

Source:- CryptoPatel Analysis on TradingView

BTCUSDT is currently trading at the $22500 level and has undergone a retest at the same point where it was previously dumped after a breakdown. This indicates a big leg-down sign, yet many seem to be bullish, and there's no talk of the $10k target.

As per my previous chart analysis, the trend is bearish, and there has been a breakdown, with BTCUSDT going down to $19600 (-12% from the breakdown). The breakdown level was at $22250, and the retest is also successful. Therefore, the targets for BTCUSDT are $18364/$16438, and there may be further declines if the $16000 level is not held.

In terms of support levels, the key ones are $18400/$16500. I am bullish on BTCUSDT only if it breaks out above the white line resistance. However, if it remains below this resistance level, then my outlook remains bearish.

It is important to never open any trade without any confirmations and blindly. Always practice safe trading and stay safe.

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Technical Chart Analysis of MATIC/BTC

Market Overview

#MATIC is currently trading at 0.00002163 BTC, representing a significant decline of 65% from its all-time high. While the #TechnicalAnalysis suggests a bullish scenario due to the formation of a bull flag on the MATIC/BTC weekly chart, market sentiment does not support an upward move for MATIC at present.

Key Analysis Points

Bull Flag Formation: The MATIC/BTC weekly chart indicates the formation of a bull flag pattern, which traditionally signals a potential bullish trend.

Market Sentiment: Despite the bullish chart pattern, current market sentiment does not align with an upward movement for $MATIC

Support Levels: The immediate support level for the bull flag pattern is at 0.00002100 BTC. A price drop below this level would confirm strong bearishness till 0.00000600 BTC Level.

Target After Breakout: If a Bounce from the current Support Level then, the target for MATIC/BTC is projected to be 0.00000600 BTC, which represents a substantial decline of 60-70% from the current level.

Worst-Case Scenario: In the event that MATIC/BTC holds the current support level at 0.00002100 BTC, there could be a bounce towards 0.000036 BTC or even 0.000057 BTC before the anticipated downward movement.

CryptoPatel Key Levels:

Support Levels: Significant support levels to monitor are at 0.000021 BTC and 0.000006 BTC.

Resistance Levels: Key resistance levels to watch are at 0.000036 BTC and 0.000060 BTC.

Conclusion

Based on the technical chart analysis, the formation of a bull flag pattern on the MATIC/BTC weekly chart indicates a potential bullish scenario. However, it is important to consider the prevailing market sentiment, which suggests a lack of upward movement for MATIC. Traders and investors should exercise caution and refrain from trading blindly. Confirmation of price movements and conducting thorough research are crucial before initiating any trades.

Disclaimer

This analysis is not financial advice. It represents the personal opinion and analysis of the author. Individuals considering investments in any coins, including MATIC, should perform their own research and consult with financial professionals.

Recommendations

Traders: Traders should exercise caution and refrain from trading blindly. Confirmation of price movements and conducting thorough research are crucial before initiating any trades.

Investors: Investors should consider the prevailing market sentiment and the potential for a bearish scenario before making any investment decisions.

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