BTCUSDT Technical Analysis: Two Key Scenarios at Play!
2024-12-20
Category: None

Bitcoin's price action is at a critical juncture as we approach the US market open. The chart suggests a potential bounce in the next few hours; however, two scenarios may unfold if this bounce fails to materialize. 

 Scenario 1: Bullish Continuation   

- A push beyond the 0.382 Fibonacci level (~$91,895.5) could pave the way for a retest of higher levels, targeting $98,190.1 and eventually $108,365.0.  
- This scenario aligns with the overall trend and could be driven by positive market momentum.  

 Scenario 2: Deeper Retracement  
 
- If the .382 support zone is broken, BTC could slide toward the next critical level at $72,746.0 (0.786 Fibonacci retracement).  
- This scenario would likely trigger increased bearish sentiment, but it could present a potential buying opportunity for long-term traders.  
- The 200 MA (blue line) will act as a key dynamic support in this case.  

 Key Observations : 
 
- BTC has already broken below all major EMAs in LTF even 200EMA has been broken. BTC needs to close the daily above 96k to maintain some hope for reversal.
- The RSI is currently oversold, signaling a potential short-term reversal.  
- Traders should monitor price action closely during the US session for confirmation of either scenario.  
 
Stay vigilant, and as always, practice proper risk management in your trades.
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