Coin Name: #BTC
Position: SHORT
In the 2-hour timeframe, Bitcoin is currently trading within a well-defined descending channel, indicating continued bearish pressure. Price has repeatedly respected both the upper and lower boundaries of the channel, and at present, it is approaching the upper trendline resistance. While a breakout above this level could suggest a potential upside move, current market conditions suggest otherwise. There's a clear lack of volume, signaling weak buying interest, and the RSI is hovering near the supply zone, hinting at overbought conditions. This combination of low momentum and resistance at the top of the channel increases the likelihood of a bearish move toward the lower trendline. Unless a strong breakout with volume occurs, the technicals currently support a bearish bias on BTC, potentially targeting a 15% decline as projected in the chart.
In the 2-hour chart shows USDT Dominance trading within an ascending channel, indicating a gradual uptrend. The price is currently near the lower boundary of the channel, suggesting a potential bounce toward the upper resistance. The RSI is rebounding from the demand zone, hinting at renewed bullish momentum. If dominance rises, it could imply increasing market caution, as more traders move into stablecoins like USDT, potentially signaling bearish sentiment for altcoins.
This is my personal prediction, but as we all know, the crypto market is highly volatile. If you're considering this trade, be sure to conduct your own thorough research before making any decisions.
$BTC
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