BTCUSDT: Ready to rally towards 70K!!
2024-10-25

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Let's analyse BTCUSDT on lower time frame:

The recent decline of BTCUSDT to the $65,300 level appears to have been a corrective pullback. The current price action suggests the formation of an inverse head and shoulder pattern, a bullish technical indicator.

Historically, BTC has exhibited similar patterns around the $60,000 level. In the past, BTC initially broke below the $62,200 to $61,700 support range and the 50-hour EMA before eventually rebounding and breaking above $65,000.

Following a similar pattern, BTC recently broke below the $67,200 to $66,700 support and the 50-hour EMA, reaching the $65,000 level. Based on this analysis, a potential 6-7% upward move could be on the horizon.

Key Levels:
Resistance: $69,000
Support: $66,700
Lower Support: $65,500

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