Muhammad Mudassar90s

#MarketPullback
$BTC
$ETH
$XRP
Bitcoin Price is trading at $83008, as it continues to trade in the range between $82k to $85k for the week. Today also BTC tested the support of $82k as the price dipped to $81762 but bounced back right up afterwards.
Bitcoin has managed to gain 1.15% but its trading volume has dropped by 45%, which shows that bulls are not completely in charge and price can still fall back.
Following Bitcoin’s suit Ethereum also tested its support of $1,800. ETH trading volume has dropped by at least 25%, indicating that the bounce back is not strong enough to keep the price above and we may test the support again in a few days.
As we move further down the list, XRP has gained 4.67% on the day. At press time it was trading at a price of $2.16. With a market cap of 125.9B and trading volume of $3.22B XRP has shown the best bounce back of the three.
Other major altcoins from the top 10 list are moving sideways as they had little to no significant change in price. ADA leads among them with 1.5% rise and BNB follows it with 0.85%. DOGE and SOL are up only 0.27 and 0.04%, which is a highly negligible movement. TRX on other hand is the only negative of the list with 1% drop.

$ETH
Absolutely! Let's break down this Ethereum/TetherUS (ETH/USDT) chart on the 1-hour timeframe and identify support, resistance, and potential entry points with reasoning.

**Chart Overview:**

* **Timeframe:** 1 Hour (1H)
* **Asset:** Ethereum (ETH) vs. TetherUS (USDT)
* **Exchange:** Binance
* **Recent Price Action:** The chart shows a significant downtrend, especially over the last few days.
* **Current Price:** Approximately $1,842.01

**Support and Resistance Levels:**

**1. Support Levels (Where price might bounce up):**

* **$1,842 (Current Price):** This is the immediate support level. If the price breaks below this, further downside is likely.
* **$1,800 (Psychological Level):** A round number like $1,800 often acts as a psychological support level.
* **$1,750 - $1,780 (Potential Previous Low Area):** Looking back (though not visible in the current zoomed-in chart), previous lows in this general price range could act as support.

**Reasoning:**

* **Price Action:** Support levels are formed where buying pressure is expected to outweigh selling pressure, leading to a price bounce.
* **Psychological Levels:** Round numbers often act as psychological barriers.
* **Previous Lows:** Previous low points often attract buyers looking for "value" and can act as support.

**2. Resistance Levels (Where price might struggle to break above):**

* **$1,900 (Previous Low):** This level acted as a recent support that was broken, now it might act as resistance.
* **$1,950 (Previous Swing Low):** This level marks a swing low during the recent downtrend and could act as resistance.
* **$2,000 (Psychological Level):** A round number, and also a level where the price consolidated before the recent sharp drop.
* **$2,050 (Previous High):** A recent high point before the steep decline.

**Reasoning:**

* **Price Action:** Resistance levels are formed where selling pressure is expected to outweigh buying pressure, leading to a price rejection.
* **Previous Lows Turned Resistance:** When a support level is broken, it often turns into resistance.
* **Psychological Levels:** Round numbers often act as psychological barriers.
* **Previous Highs:** Previous high points often attract sellers looking to "sell the rally" and can act as resistance.

**Potential Entry Points (Long/Buy):**

**Note:** Given the strong downtrend, entering a long position carries significant risk. Always use stop-loss orders.

* **Aggressive Entry:** A small position could be taken at the current level ($1,842) with a tight stop-loss below $1,800. This is a high-risk trade, betting on a potential bounce.
* **Conservative Entry:** Wait for a clear break and retest of the $1,900 resistance level. This would indicate a potential change in trend.
* **Even More Conservative:** Wait for a break above $1,950 and a retest. This would confirm a stronger potential reversal.

**Potential Entry Points (Short/Sell):**

* **Break of $1,842:** If the price breaks below $1,842, a short position could be considered with a stop-loss above this level.
* **Rejection at Resistance Levels:** Look for price action indicating rejection at the $1,900, $1,950, or $2,000 levels. For example, a bearish engulfing candle or a strong move down after touching these levels.

**Important Considerations:**

* **Trend:** The overall trend is strongly bearish. Trading against the trend is risky.
* **Volume:** Pay attention to volume. High volume on a breakout or breakdown is more significant.
* **Indicators:** Consider using technical indicators like RSI, MACD, or moving averages to confirm potential entries.
* **Risk Management:** Always use stop-loss orders to limit potential losses.
* **Broader Market:** Consider the overall cryptocurrency market sentiment and Bitcoin's price action, as they can significantly impact ETH/USDT.

**Disclaimer:** This is for educational purposes only and not financial advice. Trading cryptocurrencies involves significant risk. Do your own research and consult wi
th a financial advisor before making any trading decisions.