Bitcoin/USDT: Potential Reversal After Rejection

22 Sep 2024

hello guys.

sorry for the last analysis. it is the right one!

Technical Analysis:

• The chart shows that Bitcoin is facing a significant rejection near the QML (Quasimodo Line), indicating a strong supply zone.
  
• Price has failed to break through the supply zone, resulting in a potential double-top pattern, a bearish signal.
  
• There is a strong support level of around $57,250, which acts as a potential reversal point.
  
• The price is currently retracing after being rejected from the resistance, and a further drop towards the support level is expected.
  
• If Bitcoin reaches this support zone, a reversal is possible, indicated by the upward trajectory in the projection.
  
• However, if this support fails, further downside movement could occur.
  

Summary of Key Points:

• Price rejection at QML (supply zone).
  
• Expected drop towards the $57,250 support.
  
• Potential for a bounce and reversal from this support area.
  
• Risk remains high due to uncertain price direction until support is tested.
  
• Risk Note:
  
• This setup carries a high risk, as a failure to hold the support level could lead to significant downside, and confirmation of reversal is yet to be seen. Always use appropriate risk management strategies.
  

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22 Sep 2024

Nota

what do you think?