Will BTC break through the resistance?

May 4, 2024

Hello everyone, let's look at the 1D BTC to USDT chart, as we can see the price is moving in a downtrend channel, where we are currently close to the middle of the channel where the price has encountered strong resistance.

Let's start by setting goals for the near future, which include:
T1 = $64,088
T2 = $66,151
T3 = $69,473
T4 = $72,895
AND
T5 = USD 76,015

Now let's move on to the stop loss in case of further market declines:
SL1 = $58,351
SL2 = $54,678
SL3 = $51,709
AND
SL4 = $48,237

The RSI indicator shows an upside from the first downward trend line, and there is still some space left to the second line, while the STOCH indicator remains near the middle of the range, also above the downward trend line, which may push the price higher.

May 8, 2024

Note

Currently, we can see that the price has rebounded from the resistance level of $64,000, and looking at the RSI and STOCH indicators, we can see an attempt to further rebound towards the lower edge of the designated channel.