Bitcoin / TetherUSShort
BTC/USDT Crossroads:Short Term Bearish Signals & What Lies Ahead
💎 Paradisers, let's dive into BTC/USDT. The asset has recently slipped below its supportive trendline and is currently hovering near the demand zone of 25,792 on the weekly chart. My anticipation is that we might witness some stabilization in this region for a few days or perhaps a week before the price determines its subsequent trajectory. Presently, the scales tip towards a bearish sentiment, primarily due to the bearish divergence spotted on the RSI, signaling a potential trend reversal. Yet, it's essential to stay attuned to the price action.
💎 If BTC/USDT plunges past the 24,214 demand threshold, we might be steering towards the subsequent demand zone at 21,753. Intriguingly, this aligns with the Fibonacci's 0.618 level, often dubbed the 'golden zone'. Any bullish signs here could suggest a potential uptrend. However, if this zone crumbles, our sights are set on the 16,603 mark, a formidable demand zone and an optimal juncture for long-term accumulation.
💎The market might exhibit a lateral movement, potentially shaking out the less tenacious traders. Given the room for further decline in both the RSI and price, Stay vigilant and keep soaring, ParadiseSquad!
💎 If BTC/USDT plunges past the 24,214 demand threshold, we might be steering towards the subsequent demand zone at 21,753. Intriguingly, this aligns with the Fibonacci's 0.618 level, often dubbed the 'golden zone'. Any bullish signs here could suggest a potential uptrend. However, if this zone crumbles, our sights are set on the 16,603 mark, a formidable demand zone and an optimal juncture for long-term accumulation.
💎The market might exhibit a lateral movement, potentially shaking out the less tenacious traders. Given the room for further decline in both the RSI and price, Stay vigilant and keep soaring, ParadiseSquad!
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