BTCUSDT is trading on the 1D timeframe within a descending channel, where price has been respecting both the upper and lower trendlines visible on the chart.
The current price is trading around 64.2K, attempting to recover from the lower boundary of the channel. This area is important because it may determine whether the recent rebound develops into a stronger move.
Key levels to watch:
Support: Around 57.8K, near the recent swing low and lower channel boundary.
Resistance: The upper descending trendline around 65K–66K, followed by the projected resistance near 70.3K.
A daily close above the upper channel trendline could serve as a breakout confirmation. If confirmed, the chart projects a potential move toward approximately 70.3K, representing an advance of roughly 9–10% from the current price zone.
If price fails to break above the descending channel and moves back below the recent higher lows, the bullish setup could weaken, with the lower channel support remaining the key area to monitor.
This analysis is based solely on the price structure shown on the chart and is intended for educational purposes. Always watch for confirmation before considering any trading decision.
The current price is trading around 64.2K, attempting to recover from the lower boundary of the channel. This area is important because it may determine whether the recent rebound develops into a stronger move.
Key levels to watch:
Support: Around 57.8K, near the recent swing low and lower channel boundary.
Resistance: The upper descending trendline around 65K–66K, followed by the projected resistance near 70.3K.
A daily close above the upper channel trendline could serve as a breakout confirmation. If confirmed, the chart projects a potential move toward approximately 70.3K, representing an advance of roughly 9–10% from the current price zone.
If price fails to break above the descending channel and moves back below the recent higher lows, the bullish setup could weaken, with the lower channel support remaining the key area to monitor.
This analysis is based solely on the price structure shown on the chart and is intended for educational purposes. Always watch for confirmation before considering any trading decision.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
FOLLOW MY TELEGRAM CHANNEL FOR FREE : bit.ly/3JfrpgV
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.