š BTC/USDT Technical Analysis (Based on the Chart You Provided)
1. Overall Market Structure
The chart shows Bitcoin moving inside an upward trending channel.
- The price is respecting both the upper resistance line and the lower support line of the channel.
- This indicates a bullish medium-term trend, as long as price stays inside the channel.
2. Key Observations
ā Trend
- The trend is up, with higher highs (HH) and higher lows (HL).
- The price is currently near the midline of the ascending channel.
ā Recent Movement
- The price recently faced resistance near the upper channel boundary.
- A few sell signals appeared near the top, showing weakness.
- Price is currently pulling back.
3. Support & Resistance Zones
Resistance Levels
- 88,100 zone (marked on the right)
- Upper boundary of the channel
- Previous supply area marked in red squares
Support Levels
- 86,783 zone
- Lower boundary of the ascending channel
- Previous buy areas highlighted in green
4. Possible Price Scenarios
š Bullish Scenario
If price stays above the channel midline and finds support, it may:
- Bounce upward
- Re-test the upper blue channel line
- Continue the overall bullish trend
This is shown by the up-arrow path on the chart.
š Bearish Scenario
If price breaks below the midline and loses support:
- It may drop toward the lower boundary of the channel
- A break below the channel would signal a trend reversal
This is shown by the down-arrow path on the chart.
5. Conclusion
BTC is currently in an uptrend, but showing short-term weakness.
Watch the midline and lower channel boundary for the next major move.
If price respects support ā bullish continuation.
If it breaks support ā potential deeper correction.
