BTC/USDT Daily Analysis – Key Channel Insights

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📊 BTC/USDT Daily Analysis – Key Channel Insights

Bitcoin has been trading within a channel for the past 217 days, as clearly visible on the chart. We've seen a few minor wick-offs (fakeouts) in both directions, but more frequently towards the downside. Notably, the channel's midline has been consistently respected as both support and resistance, which underscores its significance.

🔸 Potential Breakout/Breakdown: A breakout to either side of the channel would likely confirm the next major trend. However, given the choppy market conditions, caution is essential. I remain neutral until a decisive move happens. For me, the market needs to break the previous ATH at $73,777 to confirm a bullish breakout, while a break below $58,900 would signal a bearish breakdown.

🔹 Price Action Forecast: From my analysis, the market seems poised to test the upper boundary of the channel. Just $1,000 above that lies a critical 0.786 Fibonacci retracement level, which could serve as a turning point. I’ve laid out two potential scenarios, with clear targets for both bulls and bears:

⚔️ Two Scenarios to Watch:

Bullish Path 🚀
Invalidation: Below $58,900
Target: 103k – 110k
Bearish Path 🐻
Invalidation: Above $73,777
Target: 44.5k – 40k

While I haven’t specified exact timelines for these targets, I expect strong movements in either direction once the breakout or breakdown is confirmed.

⚠️ Divergence Forming: On the daily timeframe, there’s a clear bearish divergence building, aligning with both of the outlined scenarios. Personally, I’m leaning towards a strong rejection at higher levels, as it would open a lucrative opportunity to enter a short position targeting 44k. This could allow us to capitalize on a solid drop before the anticipated bull run.

🚨 Disclaimer:
This is not financial advice. Always conduct your own research and trade responsibly. Markets are highly volatile, and you should only invest money you are prepared to lose.