BTC making descending channel, wait for bullish conformation!! 
2025-01-16
Category: None

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Let's analyze BTCUSDT :
Bitcoin surpassed $99k as it closed above the previously identified resistance on the daily chart, recent price action suggests a potential bearish trend. The formation of lower highs (LH) and lower lows (LL) over the past few days indicates a developing bearish channel in the shorter timeframe.

For a convincing bullish reversal, Bitcoin needs to achieve a daily close above $101,000. Failure to do so could lead to a significant drop towards $85,000 if the price continues to follow the descending channel. This situation could also be interpreted as a short-term bullish trap, enticing buyers before a further decline. Therefore, it's advisable to wait for a confirmed break above $101,000 before considering long positions.

Key Support Levels:
98.5k
95.4k

Key Resistance Level:
101k

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