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#BTC/USDT Analysis
1. Rising Wedge Breakdown
🔸The rising wedge is a bearish pattern, suggesting a loss of momentum in an uptrend.
🔸After the breakdown, it indicates bearish sentiment, implying the price might continue to decline.
2. Support at the 100MA
🔸The 100-day Moving Average (100MA) is acting as a key support level.
🔸This means the price is currently stabilizing above this moving average, which many traders see as a potential floor for the price.
3. Ichimoku Cloud as Resistance
🔸The Ichimoku Cloud is a tool used to gauge support/resistance levels and trend direction.
🔸Here, it’s acting as resistance, meaning the price is struggling to break above this zone, which adds bearish pressure.
4. Scenarios
Bearish Scenario:
🔸If the price breaks below the 100MA, it could invalidate the support level.
🔸This would likely attract sellers and lead to further declines.
Bullish Scenario:
🔸If the price holds above the 100MA and buyers step in, it could lead to a reversal.
🔸An upward movement would target resistance levels, including the Ichimoku Cloud.
Key Takeaways for Traders:
🔸Monitor the 100MA level closely. A breakdown could signal a continuation of the bearish trend.
🔸Watch for volume spikes and candlestick patterns near support and resistance zones for confirmation.
🔸Keep an eye on the Ichimoku Cloud; breaking above it could signal a shift in momentum.$BTC
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