Bitcoin (BTC) against USDT is presently confined within a trading range with a lower boundary at $40,200 USDT and an upper limit at $43,500 USDT. Notably, a recent and decisive breakout from a bearish channel has occurred, followed by a retracement to test the breakout point. This retracement is strategically positioned at the midpoint between the 50% and 61.8% Fibonacci retracement zones.
Taking advantage of this market situation, a buy limit order is being set at $41,855 USDT, reflecting the anticipation of a sustained upward trajectory. The expectation is for the price to ascend further, with a minimum target set at the last daily resistance level, where a profit-taking strategy will be implemented.
Additionally, on the 4-hour timeframe, a notable technical signal has emerged in the form of a pin bar. This formation adds a layer of technical confirmation to the bullish outlook, potentially signaling a reversal or continuation of the prevailing trend.
Taking advantage of this market situation, a buy limit order is being set at $41,855 USDT, reflecting the anticipation of a sustained upward trajectory. The expectation is for the price to ascend further, with a minimum target set at the last daily resistance level, where a profit-taking strategy will be implemented.
Additionally, on the 4-hour timeframe, a notable technical signal has emerged in the form of a pin bar. This formation adds a layer of technical confirmation to the bullish outlook, potentially signaling a reversal or continuation of the prevailing trend.