Let's analyze this BTC/USDT weekly chart like a pro crypto trader:
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1. Overall Trend:
The chart shows a strong uptrend from $38,555 (Feb 2024) to an all-time high of $109,588 (Oct 2024).
Since then, BTC has been in a correction phase, forming lower highs and lower lows — classic signs of a downtrend.
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2. Downtrend Resistance Line:
A descending trendline is drawn from the peak at $109,588.
Current price ($85,101) is testing this trendline.
A breakout above this trendline could signal a trend reversal or a bullish breakout.
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3. Support and Resistance Levels:
Major Resistance: $97,512 (horizontal line near previous swing high).
Immediate Support: $66,257 (a key support level before the breakout).
Deeper Support: $50,630 and $35,003 (strong historical support zones).
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4. Volume Insight:
Volume is steady but not spiking, meaning there’s no clear confirmation of a breakout yet.
Watch for a volume surge if BTC breaks above the trendline.
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5. Indicators (Right Panel):
Although not all are visible, here's what to check:
MACD: Look for a bullish crossover.
RSI: If below 50 and moving up, it could support a bullish breakout.
Stoch RSI: Helpful for spotting overbought/oversold conditions.
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6. Price Action Context:
BTC is bouncing after a healthy correction, possibly building a higher low.
The price is currently at a critical decision point: breakout or rejection.
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Pro Summary:
Bullish scenario: If BTC breaks above the trendline with volume, we could target $97K+, then $109K.
Bearish scenario: Rejection here could bring it down to $66K or even $50K.
Neutral view: Wait for confirmation before entering trades — current zone is key.
