BTC USDT
2024-10-03

Bitcoin (BTC) has been on a strong upward trend against Tether (USDT), but it's facing a significant challenge around the 70,000 USDT mark. This level, identified as the "2.1688 fibo target" (a Fibonacci extension level), has acted as resistance multiple times.

Traders are watching closely to see if BTC can break through this resistance. A decisive breakout above 70,000 USDT could signal a continuation of the bullish trend, potentially leading to further gains. However, a failure to break through could result in a pullback or consolidation.

Here's a summary of the key takeaways from the charts you shared:

Overall Trend: Bullish, but with some consolidation around the 70,000 USDT resistance.
Crucial Support: The "LIQ filled" level around 62,250 USDT is a major support zone. A break below this level could trigger a deeper correction.
Important Trendline: The upward-sloping green diagonal line on the charts is acting as strong support.
Potential Opportunities:
Buying near the green diagonal line during pullbacks could offer favorable entry points for long positions.
A breakout above 70,000 USDT with strong volume could present a good opportunity to enter long trades.


Risk Warning: The cryptocurrency market is volatile, so always use appropriate risk management techniques. Stay informed about news and events that could impact Bitcoin's price.
Remember, this is just a technical analysis based on the charts you provided. It's not financial advice, and you should always do your own research before making any trading decisions