This BTC/USDT 1-hour chart suggests the following technical insights:
1. Price Levels:
Current Price: 94,788.43 USDT.
24H High and Low:
High: 96,538.92 USDT.
Low: 92,520.00 USDT.
The price is currently closer to the 24H low, indicating possible bearish pressure.
2. Trend Analysis:
Recent Price Action: A clear downtrend is visible since the peak on December 17. The price has been forming lower highs and lower lows.
Potential Reversal Signs: The last few candles show consolidation near the 93,800–94,800 USDT range, suggesting indecision.
3. Key Levels:
Resistance:
95,500–96,000 USDT (previous highs).
97,000–97,500 USDT (major zone to break for trend reversal).
Support:
93,500 USDT (tested multiple times).
92,500 USDT (24H low and strong psychological level).
4. VWAP:
The price is below the VWAP, indicating bearish momentum. This can act as a dynamic resistance level during intraday trading.
5. Indicators and Possible Scenarios:
Bearish Continuation: If the price fails to hold above 94,000 USDT, we might see a drop toward 92,500 USDT or lower.
Bullish Reversal: A breakout above 95,500 USDT with strong volume could signal a move toward 97,000–97,500 USDT.
6. Risk Management:
For long trades, enter on a confirmed breakout above 95,500 USDT with a stop-loss below 94,000 USDT.
For short trades, consider selling at resistance (95,500–96,000 USDT) with a stop-loss above 96,500 USDT.
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