Bitcoin / TetherUSShort
Bitcoin/USDT: Potential Reversal After Rejection
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sorry for the last analysis. it is the right one!
Technical Analysis:
Summary of Key Points:
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sorry for the last analysis. it is the right one!
Technical Analysis:
- The chart shows that Bitcoin is facing a significant rejection near the QML (Quasimodo Line), indicating a strong supply zone.
- Price has failed to break through the supply zone, resulting in a potential double-top pattern, a bearish signal.
- There is a strong support level of around $57,250, which acts as a potential reversal point.
- The price is currently retracing after being rejected from the resistance, and a further drop towards the support level is expected.
- If Bitcoin reaches this support zone, a reversal is possible, indicated by the upward trajectory in the projection.
- However, if this support fails, further downside movement could occur.
Summary of Key Points:
- Price rejection at QML (supply zone).
- Expected drop towards the $57,250 support.
- Potential for a bounce and reversal from this support area.
- Risk remains high due to uncertain price direction until support is tested.
- Risk Note:
- This setup carries a high risk, as a failure to hold the support level could lead to significant downside, and confirmation of reversal is yet to be seen. Always use appropriate risk management strategies.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Note
what do you think?
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👉 my exchange: bit.ly/LbankMeli
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👉 my Autotarder: bit.ly/btse
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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