After a strong upward trend within a rising channel, BTC/USDT appears to be losing bullish momentum, potentially setting up for a corrective move.
Technical Breakdown:
Rising Channel Break: Price traded within a well-defined ascending channel, but recently broke below the channel support — a sign of weakening bullish control.
Resistance Zone: BTC encountered heavy resistance near the $111,000–$111,359 zone, where price action has been consolidating and struggling to make new highs.
Bearish Shift: A breakdown from the consolidation area has occurred, showing early signs of a potential downtrend. Short-term lower highs and lower lows are developing.
Downside Target: Based on the structure, the first major target sits around the $106,649 level, which aligns with a previous support zone and psychological level of $107,000.
Bearish Bias: As long as price remains below the $111,000 resistance zone, bearish continuation remains favored.
Summary:
Resistance Zone: $111,000–$111,359
Target: $107,000 – $106,649
Outlook: Bearish in the short-term unless price reclaims and holds above the resistance zone
This analysis is for educational purposes only. Always conduct your own analysis and manage risk appropriately when trading.
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