📉 BTC/USDT 1D Chart - Probable Reversal Soon?
Hello Traders,
Looking at the 1D chart for BTC/USDT on Bybit, the 24,800K - 25K area stands out. This zone was once a formidable resistance level that was never truly tested as a support. Around 10/11 days ago, we witnessed a near 8% bounce, driven by two significant bullish RSI divergences (Big green circles), a MACD cross up (M↑), and a DMI cross up (D+). However, the price rally was cut short by the diagonal resistance.
A crucial factor to watch will be another retest of the diagonal resistance - how the price reacts here could be revealing.
If we see a clean break through this resistance, the price could potentially climb back up to reach the liquidity at 30K. However, I personally lean more towards the scenario where the price will again encounter the diagonal resistance, face a rejection, and make a return to the 24.8K - 25K area.
In the immediate future, I'm anticipating a revisit to the 27.7K mark and potentially even a brush with the yellow diagonal resistance. As we look further ahead into the coming weeks, keep a close eye on the 24,800 - 25K zone. This area is poised to be a significant pivot point. If it successfully serves as support, we may be looking at a potential trend reversal on the horizon.
As always, keep an eye on the charts and trade responsibly!
Looking at the 1D chart for BTC/USDT on Bybit, the 24,800K - 25K area stands out. This zone was once a formidable resistance level that was never truly tested as a support. Around 10/11 days ago, we witnessed a near 8% bounce, driven by two significant bullish RSI divergences (Big green circles), a MACD cross up (M↑), and a DMI cross up (D+). However, the price rally was cut short by the diagonal resistance.
A crucial factor to watch will be another retest of the diagonal resistance - how the price reacts here could be revealing.
If we see a clean break through this resistance, the price could potentially climb back up to reach the liquidity at 30K. However, I personally lean more towards the scenario where the price will again encounter the diagonal resistance, face a rejection, and make a return to the 24.8K - 25K area.
In the immediate future, I'm anticipating a revisit to the 27.7K mark and potentially even a brush with the yellow diagonal resistance. As we look further ahead into the coming weeks, keep a close eye on the 24,800 - 25K zone. This area is poised to be a significant pivot point. If it successfully serves as support, we may be looking at a potential trend reversal on the horizon.
As always, keep an eye on the charts and trade responsibly!
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