BTCUSDT: Consolidation After Uptrend Break. What's Next?
2024-12-20
Category: None

Hello, dear traders. Brian here!

When analyzing the 4-hour chart, we can see an intriguing setup that indicates the possibility of continued bearish momentum if critical support levels fail to hold. Let’s dive deeper into the analysis.

Currently, Bitcoin is trading at $97,547, reflecting a slight pullback from recent highs. The price has recently broken the ascending trendline, which had provided support for a prolonged period. This break, combined with the rejection at the Fibonacci retracement zone, signals a potential trend reversal. Traders should closely monitor the $95,713 level and the EMAs to confirm the next move.
If Bitcoin continues to decline, the next major support levels are at:

 $95,713 (1.0 Fibonacci Extension)
$93,085 (1.272 Fibonacci Extension)
$89,742 (1.618 Fibonacci Extension) 
Wishing you all great profits in the coming days!