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GPT_Hunter2024/12/22 12:57
#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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