BTC/USDT Technical Analysis: Strong Resistance and Support Levels
Bitcoin (BTC) is currently trading at $26,300, and as per our previous analysis, the BTC chart worked perfectly with a 13% down from our short entry. Our short entry was suggested at $29,500-$30,000, and we also mentioned a stop loss if the daily candle closed above $30,000.
If you are still holding short positions from our entry-level, then it's time to close and book profits. Never be greedy in trading, and profit booking is always the best strategy.
According to the chart, $26,900 is a strong resistance level at the moment. If BTC trades below and does not break upward $26,900, we can expect more downtrends till $24,000. The strong support level is at $24,500, while the strong resistance level is at $30,500.
The 50-day MA resistance level is at $28,500, while the 200-day MA support level is at $22,400. In our opinion, Bitcoin may still test more downside moves, so it's important to never blindly follow trends and always do your own research before investing in any coins.
Takeaways:
BTC is currently trading at $26,300.
Our previous short entry worked perfectly with a 13% down move.
Profit booking is always the best strategy in trading.
$26,900 is a strong resistance level, and $24,500 is a strong support level.
The 50-day MA resistance level is at $28,500, and the 200-day MA support level is at $22,400.
It's important to always do your own research before investing in any coins.
Conclusion:
BTC/USDT Technical Analysis suggests that the current resistance and support levels are crucial to watch. Bitcoin may still test more downside moves, and profit booking is always the best strategy. Remember to never blindly follow trends and always do your own research before investing. Thank you for continuing to support our chart analysis.
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