Bitcoin Is Ready for $16000 as Per Technical Analysis
Bitcoin Technical Analysis Chart:
BTCUSDT is currently trading at the $22500 level and has undergone a retest at the same point where it was previously dumped after a breakdown. This indicates a big leg-down sign, yet many seem to be bullish, and there's no talk of the 10k target.
As per my previous chart analysis, the trend is bearish, and there has been a breakdown, with BTCUSDT going down to $19600 (-12% from the breakdown). The breakdown level was at $22250, and the retest is also successful.
Therefore, the targets for BTCUSDT are $18364/$16438, and there may be further declines if the $16000 level is not held.
In terms of support levels, the key ones are $18400/$16500. I am bullish on BTCUSDT only if it breaks out above the white line resistance. However, if it remains below this resistance level, then my outlook remains bearish.
It is important to never open any trade without any confirmations and blindly. Always practice safe trading and stay safe.
If you find my analysis helpful, please like and appreciate it. Follow me for more quality updates.
Thank you.
BTCUSDT is currently trading at the $22500 level and has undergone a retest at the same point where it was previously dumped after a breakdown. This indicates a big leg-down sign, yet many seem to be bullish, and there's no talk of the 10k target.
As per my previous chart analysis, the trend is bearish, and there has been a breakdown, with BTCUSDT going down to $19600 (-12% from the breakdown). The breakdown level was at $22250, and the retest is also successful.
Therefore, the targets for BTCUSDT are $18364/$16438, and there may be further declines if the $16000 level is not held.
In terms of support levels, the key ones are $18400/$16500. I am bullish on BTCUSDT only if it breaks out above the white line resistance. However, if it remains below this resistance level, then my outlook remains bearish.
It is important to never open any trade without any confirmations and blindly. Always practice safe trading and stay safe.
If you find my analysis helpful, please like and appreciate it. Follow me for more quality updates.
Thank you.
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