#BTC/USDT Bullish September+Q4 Ahead!

23 Ağu

Detailed technical analysis of the BTC/USDT pair on a daily timeframe. Here’s a breakdown of the key elements and potential trading ideas based on the chart:

### Key Observations:

1. **Descending Channel Formation**: The price action is moving within a descending channel, with clearly defined peaks (marked as 1, 2, 3, 4, 5, and a possible 6) and troughs. The price seems to respect this channel, bouncing off both the upper and lower trendlines.

2. **RSI Divergence**: The RSI (Relative Strength Index) at the bottom of the chart is showing a bullish divergence. While the price has made lower lows, the RSI is making higher lows, indicating a potential reversal or a weakening bearish momentum.

3. **Two Scenarios Outlined**:
- **Scenario 1**: A breakout above the upper trendline, leading to a potential rise towards the resistance zone around the $70,000 level. This is supported by the drawn path, suggesting a bullish move if the breakout is confirmed.
- **Scenario 2**: A pullback to the support area around $55,000 - $54,000, before a bounce that could either break the descending channel or test the upper boundary again.

4. **Volume Consideration**: The chart indicates a period covering 197 bars (days) with a total volume of 6.448M BTC traded. The consistent volume could signify accumulation or distribution phases, depending on the context of the breakout or breakdown.

### Trading Idea:

Given the current technical setup:

- **Bullish Scenario (Long Trade)**:
- **Entry**: Enter a long position on a confirmed breakout above the upper trendline, ideally above $62,000 with a daily close above this level.
- **Target**: Initial target could be around $68,000 to $70,000. Further targets can be set at key Fibonacci extensions or psychological levels such as $75,000.
- **Stop Loss**: Place a stop loss just below the breakout point, around $60,000 to $59,500, to protect against a false breakout.

- **Bearish Scenario (Short Trade)**:
- **Entry**: Enter a short position if the price fails to break out and instead pulls back towards the support zone around $55,000.
- **Target**: Target the lower end of the channel, potentially around $47,000 to $45,500.
- **Stop Loss**: Place a stop loss above the upper trendline, around $62,500, to protect against a sudden breakout.

- **Neutral (Wait and Watch)**:

- **Strategy**: If the price remains within the channel without any clear breakout or breakdown, it might be prudent to wait for a clearer signal. This could involve waiting for a decisive move outside of the channel or for confirmation via volume and RSI divergence resolution.

This analysis provides a balanced approach, allowing traders to react to the market based on the price action relative to the defined channel.
Ensure that positions are adjusted according to evolving market conditions and use proper risk management.

Not Financial Advice, Always do your own research.

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Thank you

#PEACE

24 Ağu

İşlem aktif

#BTC is aligning perfectly with our first scenario!
I'm excited to see how it unfolds in the final week of August.
So far, things are looking promising.
#BTCNews