Candlestick Pattern Deep Analysis
1. **Strong bullish engulfing pattern at 118,553 (chart bottom)** - Complete reversal of previous bearish momentum - Strong signal
2. **Bullish momentum continuation around 119,200-119,500 (early chart)** - Series of green candles with higher highs and higher lows - Medium-strong signal
3. **Large bullish candle at approximately 120,000 (middle section)** - Decisive breakout above resistance with significant volume - Strong signal
4. **Doji formation near 120,285 (upper resistance)** - Market indecision at resistance level - Warning signal
5. **Evening star pattern formation around 120,285 (chart peak)** - Bearish reversal after reaching 24h high - Strong bearish signal
6. **Series of red candles with lower highs (right section)** - Established downtrend with increasing selling pressure - Strong bearish signal
7. **Latest candlestick shows a bullish hammer at 119,360** - Potential reversal after sharp decline - Medium bullish signal
## Support and Resistance Levels Judgment
**Resistance Levels**:
- Strong resistance at 120,300 (previous 24h high, multiple rejections)
- Secondary resistance at 120,000 (psychological level, previous consolidation zone)
- Minor resistance at 119,600 (current price level)
**Support Levels**:
- Immediate support at 119,400 (recent bounce area)
- Strong support at 119,000 (psychological level, previous consolidation)
- Major support at 118,500-118,600 (previous reversal point)
## Comprehensive Technical Evaluation
**Volume Analysis**:
- Volume spike accompanied the initial bullish movement at chart bottom
- Declining volume during consolidation phases
- Increased volume during the recent bearish movement indicating selling pressure
- Latest green candle shows moderate volume, suggesting potential but not confirmed reversal
**Trend Direction**:
- Short-term: Bearish after rejection from 24h high
- Medium-term: Neutral with higher lows but recent bearish pressure
- Overall: Bullish bias within larger timeframe but currently in correction
## Conclusion
BTC-USDT is currently experiencing a short-term correction after rejection from the 24h high of 120,285. The latest hammer candlestick at 119,360 suggests potential buying interest emerging at this support level.
**Operational Suggestions**:
- Short-term traders could consider buying opportunities near the 119,000-119,400 support zone with tight stop losses below 118,900
- Wait for confirmation of reversal with a follow-up green candle before entering long positions
- Resistance at 120,000 and 120,300 should be monitored for potential selling pressure
Risk Warning:
- The current market shows increased volatility
- The hammer pattern requires confirmation and could fail if support breaks
- Consider using Binance risk management tools to protect your positions if price breaks below 118,500
Remember that market conditions can change rapidly
, and it's advisable to use proper risk management when trading on Binance.
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