#BTC/USDT Weekly Analysis, $44k or $58.5k, Fib Levels.

8 lug#BTCUSDT Weekly Update:

BTC is trading just below the crucial level of 58.5k. Let's look at the current situation.

Current Situation:

- BTC is in a precarious position. The 51k level corresponds to the 0.382 Fibonacci retracement, which hasn't been tested yet.

- The 0.618 Fibonacci retracement, often referred to as the "golden pocket," is also yet to be tested.

- A close below the 0.382 level could drive BTC down to 44k or even 38k. This isn't fear-mongering, just a straightforward chart analysis using Fibonacci Retracements. Such a move would likely trigger a broader market downturn, with altcoins potentially experiencing 50% further discounts.

Possible Avoidance Scenarios:

1. BTC maintains the monthly support level of 56.5k.
2. BTC closes above the 58.5k level, rendering the current price action as a deviation (false breakdown).

For those considering entering altcoins, it might be wise to wait for clear confirmations on either side.

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Thank you


#PEACE

9 lug

Trade attivo

There are some new developments in LTF Charts:-

#BTC is trading around local resistance on the hourly chart. A breakout and retest will determine the trend's direction.
Observing the 4-hour and daily charts, there's a strong potential for BTC to move towards the 60k zone first.
Let's see how it plays out.

#Crypto #BTCUSDT