đ BTC/USDT - Facing Resistance Amidst a Pullback đ
BTC/USDT has encountered significant resistance at the $65,947.4 level, currently trading around $60,902.9. The recent downtrend follows a rejection from the high, signaling potential bearish sentiment in the market.
đ„ Key Observations:
Bearish OBs: Significant resistance was met at $65,947.4, which corresponds with previous Bearish Order Block zones, suggesting strong selling pressure.
Current Trend: The price has broken below the recent bullish support trendline and is now retesting lower levels.
Support Levels: Immediate support is found at $60,885.6 and $60,479.2; breaking below these could lead to further declines toward $58,963.4.
đŻ Short Setup:
đ Entry for Short: Consider entering a short if the price bounces back to retest the $62,000 level and shows signs of rejection.
đŻ Take Profit Targets for Short:
1. TP1: $60,885.6 â Immediate support level.
2. TP2: $60,479.2 â Following support if downtrend continues.
3. TP3: $58,963.4 â Lower support, likely target if sell-off intensifies.
đĄïž Stop Loss for Short: Set a stop loss around $63,000 to protect against potential reversals back towards the resistance zone.
đ Long Setup (If Reversal Signs Appear):
đ Entry for Long: Watch for bullish signals near $60,479.2 or $58,963.4 if the price shows strong buying pressure at these support levels.
đŻ Take Profit Targets for Long:
1. TP1: $60,885.6 â Minor resistance.
2. TP2: $62,000 â Psychological and technical resistance level.
3. TP3: $64,000 â High resistance zone before the recent peak.
đĄïž Stop Loss for Long: Position your stop loss just below $58,900 to mitigate risk from a further breakdown.
đ Market Sentiment: The current price movement suggests a cautious approach as Bitcoin retests critical support levels. The breakdown from the uptrend and the approach towards lower supports highlight potential further declines unless the market sentiment shifts favorably.
