 Bitcoin/USDT: Potential Reversal After Rejection
2024-09-22

hello guys.

sorry for the last analysis. it is the right one!

 Technical Analysis:
 
 
 The chart shows that Bitcoin is facing a significant rejection near the QML (Quasimodo Line), indicating a strong supply zone.
 Price has failed to break through the supply zone, resulting in a potential double-top pattern, a bearish signal.
 There is a strong support level of around $57,250, which acts as a potential reversal point.
 The price is currently retracing after being rejected from the resistance, and a further drop towards the support level is expected.
 If Bitcoin reaches this support zone, a reversal is possible, indicated by the upward trajectory in the projection.
 However, if this support fails, further downside movement could occur.
 

 Summary of Key Points:
 
 
 Price rejection at QML (supply zone).
 Expected drop towards the $57,250 support.
 Potential for a bounce and reversal from this support area.
 Risk remains high due to uncertain price direction until support is tested.
 Risk Note:
 This setup carries a high risk, as a failure to hold the support level could lead to significant downside, and confirmation of reversal is yet to be seen. Always use appropriate risk management strategies.
 

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