Based on the chart for $BTC /USDT:
Technical Analysis:
Current Price: $90,039.51
Trend: Bearish, as indicated by the price dropping below key moving averages (7, 25, and 99) and the recent candle formation showing a sharp drop. The price has also broken below the previous support level around $90,352, which could indicate further downside.
Key Levels:
Support: $89,389.63 (24h low) - Potential support zone if the price falls further.
Resistance: $94,476 (24h high) - If the price retraces, this is the level to watch for a potential reversal or breakout.
Entry Points:
Short Position: Consider entering a short near the current price ($90,039), especially if price action shows continued bearish momentum or a retest of previous support turned resistance.
Long Position: A potential long could be considered if price bounces off $89,389.63 (24h low) and confirms support.
Stop Loss:
Short Stop Loss: Set a stop loss above the nearest resistance level, around $91,909.80.
Long Stop Loss: Set a stop loss slightly below $89,389.63 to protect against further downside.
Take-Profit Levels:
Take-Profit 1 (Short): Around $88,887.13 - Previous support zone and psychological level.
Take-Profit 2 (Short): Around $87,719.28 - A potential key support based on the recent swing.
Take-Profit 1 (Long): Around $91,909.80 - Previous resistance level that could act as a target for a rebound.
Take-Profit 2 (Long): Around $94,476 - High of the 24-hour range.
This analysis is based on recent chart patterns, moving averages, and key support/resistance levels. It's important to monitor the market closely, as cryptocurrency can be volatile.
