BTC/USDT - Potential 41.9% Setup
Hello Traders!
The market continues to be under selling pressure.
The price of BTC fell to the $40900 level and tested it.
On the daily timeframe, the price is under the MA100 and MA200, indicators show oversold.
Globally, the movement within the uptrend from $12,000 continues.
At the moment, the price is in the buyers' area of interest $40900 - $46800
If we compare the current segment of the price movement with the segment of the beginning of 2021, the situation is similar:
- Price made a deep correction closer to the 0.786 Fibonacci level;
- There was a retest of the $40900 reference level (then $31000).
- The RSI indicator on the daily timeframe shows oversold and is near 30.
Based on what is written above, we can expect a full-fledged bounce. Buy entry from the current price points gives an excellent risk/profit ratio.
It is worth closing the position by a stop-loss after the price goes under $37800.
The targets are in the area of $58000 - $56000.
The ratio of risk/profit is above 4
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
The market continues to be under selling pressure.
The price of BTC fell to the $40900 level and tested it.
On the daily timeframe, the price is under the MA100 and MA200, indicators show oversold.
Globally, the movement within the uptrend from $12,000 continues.
At the moment, the price is in the buyers' area of interest $40900 - $46800
If we compare the current segment of the price movement with the segment of the beginning of 2021, the situation is similar:
- Price made a deep correction closer to the 0.786 Fibonacci level;
- There was a retest of the $40900 reference level (then $31000).
- The RSI indicator on the daily timeframe shows oversold and is near 30.
Based on what is written above, we can expect a full-fledged bounce. Buy entry from the current price points gives an excellent risk/profit ratio.
It is worth closing the position by a stop-loss after the price goes under $37800.
The targets are in the area of $58000 - $56000.
The ratio of risk/profit is above 4
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
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