BTC broke parallel channel!! Now Uptrend, Downtrend or Sideways?
2024-12-24
Category: None

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Let's analyze BTCUSDT :

Bitcoin (BTC) experienced a sharp decline of nearly 14% last week, closing just above $95,000. This significant drop from $108,000 to $92,200 triggered a severe market downturn.

Currently, the $92,500 support level is providing crucial resistance. The direction of the next weekly BTC close will determine the overall market trend:
Uptrend: If BTC closes above $96,000 next week, support will be at $96,000, and resistance at $98,500.
Sideways Trend: If BTC closes between $96,000 and $92,500, support will be at $92,500, and resistance at $96,000.
Downtrend: If BTC closes below $92,500, support will be at $85,800, and resistance at $92,500.

A sideways or uptrend in BTC is likely to foster a bullish sentiment among altcoins, potentially leading to an altcoin season. Conversely, a downtrend in BTC could push altcoins to new lows.

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