BTC/USDT Short Term Bearish (1H)
Looking at the 1H timeframe for BTC/USDT here on Binance we can see a bearish continuation pattern forming (red path). If this plays out, we can expect prices to drop to around $10075 (red line).
On the other hand, BTC may catch some support in the $10350 - $10400 range (blue path), in which case we can expect prices to drop to around $10375 (blue line).
We can see prices facing some resistance at the 50 and 100 EMAs. The MACD is curving down and the RSI is dropping also. Once the sell volume comes in, BTC will go down. Keep your eye out for a short!
Leave your thoughts and comments on whether you agree or disagree with me down below. Also leave a like/follow if you liked the analysis. Thanks for reading, happy trading!
Price at writing: $10565
On the other hand, BTC may catch some support in the $10350 - $10400 range (blue path), in which case we can expect prices to drop to around $10375 (blue line).
We can see prices facing some resistance at the 50 and 100 EMAs. The MACD is curving down and the RSI is dropping also. Once the sell volume comes in, BTC will go down. Keep your eye out for a short!
Leave your thoughts and comments on whether you agree or disagree with me down below. Also leave a like/follow if you liked the analysis. Thanks for reading, happy trading!
Price at writing: $10565
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