BTC/USDT Technical Analysis – Potential Bullish Reversal Setup

Aug 16

The chart highlights a corrective phase after a strong decline, where price is currently consolidating in the 117,000–116,000 USDT support zone. This range has acted as a demand area, showing repeated accumulation (blue boxes).

Key observations:

Support Zones: Strong demand seen between 115,800 – 116,200 USDT, which has held multiple times.

Resistance Levels:

Immediate resistance at 118,169 USDT

Secondary resistance at 119,496 USDT

Major resistance/target at 122,382 USDT

Pattern Formation: Price action suggests a potential inverse accumulation range that could trigger a bullish reversal.

Projected Move: If price sustains above 118,169 USDT, it may test 119,500 USDT before targeting the 122,000–122,400 USDT supply zone.

Risk Zone: A break below 115,800 USDT could invalidate the bullish outlook and push price lower.

📌 Summary: BTC/USDT is consolidating at a key support area. A breakout above 118,169 USDT may trigger a bullish continuation towards 122,000 USDT, while failure to hold 115,800 USDT risks further downside

3 days ago

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