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BTC/USDTLtp 118523.83

bearish

SELL

Entry118523.83Target118000Stop Loss119000

60%

Trade Confidence

SupportsResistances

117500116500115000

119500120000121000

Chart PatternsHead and ShouldersDescending Triangle

Additional Analysis

The current price action shows a bearish trend as the price is forming a head and shoulders pattern, which is typically a bearish reversal pattern. Additionally, the descending triangle formation suggests a potential downward breakout. The RSI is neutral but not in the oversold or overbought territory, indicating room for further downside movement. The MACD crossing below the signal line supports the bearish sentiment. The price is currently below significant moving averages, indicating a bearish trend. The resistance levels provide strong barriers to upward movement, while the support levels suggest potential targets for a price drop. The target price is chosen based on the next significant support level, while the stop-loss is set above the resistance to mitigate risk. Overall, the technical indicators and chart patterns suggest a bearish outlook, making a sell recommendation appropriate.