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#BTC/USDT ANALYSIS:- daily timeframe, the price recently retested the broken, bearish trendline and the $18K support level. These levels provided enough support to prevent another dip toward lower prices. However, the 50-day moving average located at around $19K is persisting as a strong obstacle and is putting the brakes on a potential rally toward the $24K area.
The 100-day moving average can also be considered a significant dynamic resistance that could reject the price in case of a bullish breakout from the 50-day MA. Right now, a positive trend cannot be anticipated before a break above these two levels and, eventually, the $24K static resistance.
So, although the market has broken above the long-term bearish trendline, the continuation of a downtrend still remains the more probable scenario as the market structure is still far from bullish.
Sorry for my English it is not my native language.
Hit the like button if you like it and share your charts in the comments section.
Thank you
#BTC/USDT ANALYSIS:- daily timeframe, the price recently retested the broken, bearish trendline and the $18K support level. These levels provided enough support to prevent another dip toward lower prices. However, the 50-day moving average located at around $19K is persisting as a strong obstacle and is putting the brakes on a potential rally toward the $24K area.
The 100-day moving average can also be considered a significant dynamic resistance that could reject the price in case of a bullish breakout from the 50-day MA. Right now, a positive trend cannot be anticipated before a break above these two levels and, eventually, the $24K static resistance.
So, although the market has broken above the long-term bearish trendline, the continuation of a downtrend still remains the more probable scenario as the market structure is still far from bullish.
Sorry for my English it is not my native language.
Hit the like button if you like it and share your charts in the comments section.
Thank you
