BTC/USDT 4-Hour Chart Analysis Ascending Channel Formation !!
2024-12-03


The chart shows a distinct ascending channel, with BTC adhering to the upper resistance and lower support trendlines.

The 21 EMA (yellow line) serves as a significant support level, with the price demonstrating signs of respecting it. The lower boundary of the ascending channel is closely aligned with the current price level, adding another layer of support.


BTC has pulled back to the channel's lower support zone (~$95,700) after struggling to maintain a higher breakout attempt. The green arrow projection indicates a potential bullish reversal.
Although volume data isn't displayed here, a rebound from this level generally requires increased buying activity to sustain a bullish momentum.


Immediate Support: ~$94,000 (channel support and psychological level).
Resistance Zone: ~$98,500–$100,000 (channel top and round-number resistance).
A successful bounce from the support zone could drive BTC towards $98,500 and possibly retest the $100,000 resistance.

A drop below the ascending channel and $94,000 could lead to further declines, targeting the $92,000–$90,000 zones.


Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.

You can DM us for information on any other coin.
@Peter_CSAdmin