Looking at this BTC/USDT chart, the message is clear: "sell, sell, sell!" Bitcoin has dropped sharply, moving below all the key moving averages. When price falls under these lines and the lines themselves start heading downward, itโs a strong signal that the market has turned bearish and a downtrend is underway.
The large red candle at the end of the chart confirms that sellers are dominating. It shows a massive sell-off, driving the price significantly lower.
For trading, a potential approach is to take a short position. You could set your take-profit (TP) around the previous low, or "support," level at roughly $116,359.89. This is a spot where price might pause or bounce, making it a reasonable place to lock in gains.