Technical Analysis of BTC/USDT:
Bitcoin (BTC) is currently trading at $28,500, which is the top level of the past few months. The cryptocurrency has shown strong support at this level, indicating that there is buying interest from investors.
The resistance level has also been broken, and the cryptocurrency is currently trading above it. According to the principles of psychology, traders should sell above the resistance level and buy below the support level. However, due to the volatility of BTC, it is advisable to trade in the safe zone.
In my opinion, if Bitcoin holds the red box zone, there is a strong potential for the cryptocurrency to hit $36,000 within a few days. However, if the red box zone is broken and the support level is also breached, then investors should prepare for a drop to $24,000.
It is essential to trade smartly and never gamble with hard-earned money. Investors should always conduct their own research before investing in any coins.
Support levels for BTC/USDT are at $27,500, $26,800, and $24,300, while the resistance level is at $29,500.
Please note that this is not financial advice and should not be taken as such. It is always recommended to seek the advice of a professional financial advisor before making any investment decisions.
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