BTCUSDT.1D
2024-11-24

analyzing the BTC/USDT daily chart, Bitcoin is currently trading at 97,511.98, showing signs of consolidation after a strong upward rally that tested a critical resistance level at R1 (99,588.01). This level represents a long-term resistance zone, and the price's reaction here is crucial in determining the next major move.

The price action reflects an ascending triangle pattern, with higher lows indicating sustained bullish momentum. Support is visible at S1 (approximately 85,000) and deeper at S2 (around 75,000). These levels align with a rising trendline, suggesting that as long as these supports hold, the overall bullish structure remains intact.

The RSI is likely in or near overbought territory based on recent price momentum, suggesting a potential short-term pullback or consolidation. However, the MACD remains bullish, with the MACD line above the signal line and a positive histogram. This indicates that the overall trend still favors the bulls, but momentum may be slowing as Bitcoin approaches significant resistance.

If Bitcoin manages to break and sustain above R1, the next psychological and technical targets could extend toward 110,000 or higher. Conversely, a rejection at R1 may lead to a pullback, potentially testing S1 or S2 as areas of consolidation and accumulation before another attempt to break higher.

In conclusion, my outlook for BTC/USDT is cautiously bullish. The critical focus remains on whether the price can break above R1. A successful breakout would confirm further bullish momentum, while a rejection may lead to a retracement toward key support levels. I will monitor the price's behavior closely around these levels to determine the next actionable move.