Hello friends, welcome to this BITCOIN update from Crypto Sanders.
Hello dear traders, we are new so we ask you to support our ideas with your LIKE and COMMENT, also be free to ask any question in the comments, and we will try to answer all, thank you, guys.
The chart provided to you is a daily update for the BTC/USDT (Bitcoin/Tether) trading pair. Here are some key observations and possible interpretations based on the chart:
price level:
The current price is around 66,951 USDT.
The chart shows a range between around 58,000 USDT to 74,000 USDT in the observed period.
Trendline:
It appears that the price is within a descending channel (marked by two converging trend lines).
The upper trendline acts as resistance, while the lower trendline acts as support.
moving average:
The chart consists of two moving averages: a shorter-term yellow line (possibly the 25-day moving average) and a longer-term blue line (possibly the 100-day moving average).
The yellow moving average is above the blue moving average, indicating a possible bullish trend.
Recent Price Action:
There was a notable rise from the lower support trendline around mid-February.
Recently, the price broke above the upper trend line of the descending channel, indicating a possible bullish breakout.
Support and Resistance:
There is a marked horizontal support line at 52,408.76 USDT.
Recent price action suggests the possibility of new support forming around the breakout level.
Technical Indicators:
The chart does not show specific indicators, but the formation and breakout of the descending channel are important technical patterns.
If the breakout sustains, the next resistance level could be around 74,000 USDT.
Given these observations, traders can consider the breakout as a signal for a potential long position, but they should also keep an eye on broader market conditions and confirm the breakout with additional technical indicators.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my profit and losses. So, do your research before investing in this trade.
Hit the like button if you like it and share your charts in the comments section.
Thank you.
Hello dear traders, we are new so we ask you to support our ideas with your LIKE and COMMENT, also be free to ask any question in the comments, and we will try to answer all, thank you, guys.
The chart provided to you is a daily update for the BTC/USDT (Bitcoin/Tether) trading pair. Here are some key observations and possible interpretations based on the chart:
price level:
The current price is around 66,951 USDT.
The chart shows a range between around 58,000 USDT to 74,000 USDT in the observed period.
Trendline:
It appears that the price is within a descending channel (marked by two converging trend lines).
The upper trendline acts as resistance, while the lower trendline acts as support.
moving average:
The chart consists of two moving averages: a shorter-term yellow line (possibly the 25-day moving average) and a longer-term blue line (possibly the 100-day moving average).
The yellow moving average is above the blue moving average, indicating a possible bullish trend.
Recent Price Action:
There was a notable rise from the lower support trendline around mid-February.
Recently, the price broke above the upper trend line of the descending channel, indicating a possible bullish breakout.
Support and Resistance:
There is a marked horizontal support line at 52,408.76 USDT.
Recent price action suggests the possibility of new support forming around the breakout level.
Technical Indicators:
The chart does not show specific indicators, but the formation and breakout of the descending channel are important technical patterns.
If the breakout sustains, the next resistance level could be around 74,000 USDT.
Given these observations, traders can consider the breakout as a signal for a potential long position, but they should also keep an eye on broader market conditions and confirm the breakout with additional technical indicators.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my profit and losses. So, do your research before investing in this trade.
Hit the like button if you like it and share your charts in the comments section.
Thank you.
