This 1-hour chart for BTC/USDT shows that Bitcoin recently entered a significant liquidity zone, where it hunted stops and captured liquidity above the bearish resistance zone.
Despite these efforts, the price action reveals a noticeable weakness among buyers, as indicated by the lack of follow-through to the upside.
This suggests that the upward momentum may be waning.
Given the current setup, Bitcoin appears poised for a potential downward move.
The price has repeatedly tested the resistance zone without success, indicating strong selling pressure.
Traders should watch for a break below the lower trend line of the ascending channel, which could signal a further decline towards lower support levels.
This chart highlights a critical juncture where the price action could reverse, providing a potential shorting opportunity for traders if the bearish momentum takes hold.
Despite these efforts, the price action reveals a noticeable weakness among buyers, as indicated by the lack of follow-through to the upside.
This suggests that the upward momentum may be waning.
Given the current setup, Bitcoin appears poised for a potential downward move.
The price has repeatedly tested the resistance zone without success, indicating strong selling pressure.
Traders should watch for a break below the lower trend line of the ascending channel, which could signal a further decline towards lower support levels.
This chart highlights a critical juncture where the price action could reverse, providing a potential shorting opportunity for traders if the bearish momentum takes hold.
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