BTCUSDT False Breakout to Bearish Engulfment
2024-10-28

It seems like you're analyzing Bitcoin (BTC) against the USDT pair, suggesting a potential breakdown scenario if BTC price drops below $68,500. Based on your analysis:

- **Resistance Level:** $69,500
- **Target Points To Down Ward:** $65,000 and $61,000
- **Breakdown Point:** $68,500

If the price fails to hold above $68,500, a bearish move may be expected, potentially targeting the next support levels at $65,000 or even $61,000. The market appears to be in a consolidation phase below $69,500, indicating a struggle to break higher. A breakdown below $68,500 could lead to further downside momentum. 

In this kind of setup, closely monitoring the price action around these key levels would be crucial for determining whether the bearish scenario will play out.

You May fine more Details in the chart.

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