Technical Analysis of Bitcoin/USDT (BTC/USDT)
2024-12-02


In the 4-hour Bitcoin/USDT chart, the price remains within an ascending channel but is currently moving towards critical support levels. The $95,629 resistance level, located near the 0.382 Fibonacci retracement, plays a pivotal role in determining the trend. Breaking above this level could provide a strong bullish signal, while failing to hold above it may increase selling pressure.

Key Support and Resistance Levels
Key Support Level:
The $92,466 level (close to the 0.786 Fibonacci retracement) acts as a major support. If this level is breached, the likelihood of a move toward the lower channel boundary increases.
Key Resistance Level:
The $95,629 level serves as the immediate and primary resistance, determining whether the uptrend will continue or pause.
Alligator Indicator
The Alligator indicator shows convergence of its lines, suggesting a weakening trend and the potential for a sharp price move. A drop below the Alligator lines signals bearish momentum, increasing the likelihood of testing lower support levels.

Summary
If the price holds above $92,466, a rebound and continuation within the ascending channel are likely.
Breaking this support could intensify selling pressure, potentially driving the price lower.
Analysts recommend closely monitoring price action around these key support and resistance levels.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice.