This analysis examines both the short-term and long-term trends for Bitcoin (BTC) against Tether (USDT) using the weekly chart.
Short-Term Trend:
Based on the current bearish sentiment, I believe there's a high possibility of BTC experiencing a further drop in the short term.
A potential support level could be found around the intersection of the 21-week EMA (Exponential Moving Average) and the 38.20% Fibonacci retracement level (highlighted by the yellow circle on the chart).
Long-Term Trend:
Despite the short-term weakness, the overall trend remains bearish on the weekly timeframe. This is evidenced by the price being below major moving averages (10-week, 20-week, etc.) and the bearish Ichimoku Cloud... BUT
Potential Long-Term Opportunity:
If BTC finds support at the mentioned confluence zone (21-week EMA and 38.20% Fibonacci level), a potential long-term buying opportunity might emerge.
In this scenario, the price could target a range between $80,000 minimum and potentially reach $100,000 initially, marking the completion of the third bullish wave.
Additional Considerations:
This analysis is based on technical indicators and should be combined with other factors like fundamental news and on-chain metrics for a more comprehensive understanding.
Market conditions are dynamic, and these targets and support levels are estimates. Always practice proper risk management when trading.
This version clarifies my analysis and it's just a possibility and not financial advice.
Short-Term Trend:
Based on the current bearish sentiment, I believe there's a high possibility of BTC experiencing a further drop in the short term.
A potential support level could be found around the intersection of the 21-week EMA (Exponential Moving Average) and the 38.20% Fibonacci retracement level (highlighted by the yellow circle on the chart).
Long-Term Trend:
Despite the short-term weakness, the overall trend remains bearish on the weekly timeframe. This is evidenced by the price being below major moving averages (10-week, 20-week, etc.) and the bearish Ichimoku Cloud... BUT
Potential Long-Term Opportunity:
If BTC finds support at the mentioned confluence zone (21-week EMA and 38.20% Fibonacci level), a potential long-term buying opportunity might emerge.
In this scenario, the price could target a range between $80,000 minimum and potentially reach $100,000 initially, marking the completion of the third bullish wave.
Additional Considerations:
This analysis is based on technical indicators and should be combined with other factors like fundamental news and on-chain metrics for a more comprehensive understanding.
Market conditions are dynamic, and these targets and support levels are estimates. Always practice proper risk management when trading.
This version clarifies my analysis and it's just a possibility and not financial advice.
