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BTC /USDT UPDATE !
On the 4-hour timeframe, it is evident that the price is still yet to break the bearish flag pattern to the upside. The cryptocurrency is currently testing the higher boundary of the pattern for the third time, and if it successfully breaks above, a rally towards the $30K supply zone would become more likely.
However, a third touch rejection and a bearish continuation after a break below the flag cannot be ruled out yet, especially since the RSI indicator is signaling that the market is in an overbought state (values above 70%). The bearish scenario would likely unfold if the price fails to break above the flag in the next few days, and in this case, a drop towards the $17K support and even lower comes into play.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
Thank you.
BTC /USDT UPDATE !
On the 4-hour timeframe, it is evident that the price is still yet to break the bearish flag pattern to the upside. The cryptocurrency is currently testing the higher boundary of the pattern for the third time, and if it successfully breaks above, a rally towards the $30K supply zone would become more likely.
However, a third touch rejection and a bearish continuation after a break below the flag cannot be ruled out yet, especially since the RSI indicator is signaling that the market is in an overbought state (values above 70%). The bearish scenario would likely unfold if the price fails to break above the flag in the next few days, and in this case, a drop towards the $17K support and even lower comes into play.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
Thank you.
