BTCUSDT trading strategy today!
2024-10-16

BTCUSDT appears to be in a consolidation phase after a recent breakout from a descending trendline that previously acted as resistance. This breakout, happening near the $66,051 level, was followed by a strong upward move, suggesting bullish momentum has strengthened.

 Key levels to watch: 

Support Zone ($66,000 - $66,500): After breaking out, the price has revisited this zone, and it now acts as a key support. Bulls are expected to defend this level to maintain the uptrend.

Resistance ($67,000 - $68,000): The price has met some resistance around the $67,000 area. However, with the bullish structure intact, there’s potential for another leg higher, with the next target around $68,000 or higher.

The price action shows two previous descending moves marked by ellipses, both of which were rejected around the $66,000 level before breaking out. This area continues to be a battleground, and the bulls are currently holding above it. As long as BTC stays above $66,000, further upside is likely.

 Projection:  There’s a potential for BTC to retest the support zone before continuing the upward move. A bounce from this zone could see BTC heading towards $68,000 in the short term, as indicated by the curved blue arrow.

 Summary:  BTC has successfully broken out of the downward trendline, and the current retest of support around $66,000 could be a healthy consolidation before the next upward push. If the bulls can maintain control, we could see BTC continue to climb towards $68,000 and beyond.
