BTC/USDT 1DAY CHART UPDATE !
The chart uploaded for BTC/USDT on the 1D timeframe shows a crucial resistance level of around $64,000, as marked by the downward-sloping trendline. The chart indicates that Bitcoin has recently approached this resistance level again and is at risk of a pullback, similar to previous rejections from May and August (highlighted by the yellow circles). This trendline, combined with a bearish engulfing pattern, suggests that Bitcoin could soon face another correction, possibly dropping toward the $51,000-$52,000 support area, which aligns with the green trendline on the chart.
The descending resistance trendline supports this short-term bearish outlook, with broad downward pressure visible on both the 1D and 4H charts. If a correction occurs, the $51,000-$52,000 range would be the key support area for a potential bounce or reversal.
Disclaimer: This analysis is for informational purposes and not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
The descending resistance trendline supports this short-term bearish outlook, with broad downward pressure visible on both the 1D and 4H charts. If a correction occurs, the $51,000-$52,000 range would be the key support area for a potential bounce or reversal.
Disclaimer: This analysis is for informational purposes and not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
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