BTC/USDT - Potential 41.9% Setup

2022년 1월 11일

Hello Traders!

The market continues to be under selling pressure.

The price of BTC fell to the $40900 level and tested it.

On the daily timeframe, the price is under the MA100 and MA200, indicators show oversold.

Globally, the movement within the uptrend from $12,000 continues.

At the moment, the price is in the buyers' area of interest $40900 - $46800

If we compare the current segment of the price movement with the segment of the beginning of 2021, the situation is similar:

- Price made a deep correction closer to the 0.786 Fibonacci level;
- There was a retest of the $40900 reference level (then $31000).
- The RSI indicator on the daily timeframe shows oversold and is near 30.

Based on what is written above, we can expect a full-fledged bounce. Buy entry from the current price points gives an excellent risk/profit ratio.

It is worth closing the position by a stop-loss after the price goes under $37800.

The targets are in the area of $58000 - $56000.

The ratio of risk/profit is above 4

Good luck and watch out for the market

P.S. This is an educational analysis that shall not be considered financial advice