BTCUSDT: Reversal signal from bearish flag
Hello dear traders!
Overall, the down trend of BTCUSDT continues to form. A flag setup is gradually forming on the 4-hour chart. Theoretically, the price will quickly break the current market structure and correct further. This can generally determine the medium-term potential.
The price is testing the 0.618 and 0.5 Fibonacci levels equivalent to the $64,801 and $65,165 levels, which are being actively defended by sellers on the basis of a wave of corrections and sell-offs. In the current context, a price increase is possible but it is unlikely to last long when exposed to strong selling pressure around the EMA 34.89 operating zone. The bullish structure is under threat, the market is having a sharp sell-off.
The technical down trend may continue, potential target with high probability at 61,782-60,306 USD.
And you, what is your goal? Do you expect a wave of correction?
Overall, the down trend of BTCUSDT continues to form. A flag setup is gradually forming on the 4-hour chart. Theoretically, the price will quickly break the current market structure and correct further. This can generally determine the medium-term potential.
The price is testing the 0.618 and 0.5 Fibonacci levels equivalent to the $64,801 and $65,165 levels, which are being actively defended by sellers on the basis of a wave of corrections and sell-offs. In the current context, a price increase is possible but it is unlikely to last long when exposed to strong selling pressure around the EMA 34.89 operating zone. The bullish structure is under threat, the market is having a sharp sell-off.
The technical down trend may continue, potential target with high probability at 61,782-60,306 USD.
And you, what is your goal? Do you expect a wave of correction?
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