BTC/USDT - Potential replay of the February scenario - 22% setup
Hello, Traders!
The buyers failed to break through the resistance level at $63700 and active sellers entered the market.
In the range of $57600 - $59600, the price met a strong seller's reaction, after which the buyers made an attempt to stop the selling and continue the upward movement.
The buyers' efforts were not enough and the sellers began to dominate the market producing a fall towards the range of $47,000-$48,000.
At the moment, the buyers are holding the sales in the control zone at $47200-$49700.
The price is testing the MA100 on the daily timeframe. The RSI indicator value on the daily timeframe is near the 30 level, showing that the asset is oversold.
There was a similar situation in February this year when Bitcoin lost 26% in price.
Despite the fear in the market, the global trend is upward, the price value of BTC is in the gap from MA200 on the daily timeframe.
Therefore, it is possible to try to continue working from the purchases.
We may open the position in the range of $48700 - $49700
Stop-loss can be set under $45200
Target price levels will be
$52400
$55000
$57600
$59600
Good luck and watch out for the market.
P.S. This is an educational analysis that shall not be considered as the financial advice
The buyers failed to break through the resistance level at $63700 and active sellers entered the market.
In the range of $57600 - $59600, the price met a strong seller's reaction, after which the buyers made an attempt to stop the selling and continue the upward movement.
The buyers' efforts were not enough and the sellers began to dominate the market producing a fall towards the range of $47,000-$48,000.
At the moment, the buyers are holding the sales in the control zone at $47200-$49700.
The price is testing the MA100 on the daily timeframe. The RSI indicator value on the daily timeframe is near the 30 level, showing that the asset is oversold.
There was a similar situation in February this year when Bitcoin lost 26% in price.
Despite the fear in the market, the global trend is upward, the price value of BTC is in the gap from MA200 on the daily timeframe.
Therefore, it is possible to try to continue working from the purchases.
We may open the position in the range of $48700 - $49700
Stop-loss can be set under $45200
Target price levels will be
$52400
$55000
$57600
$59600
Good luck and watch out for the market.
P.S. This is an educational analysis that shall not be considered as the financial advice