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

#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.

Let me know your thoughts in the comments section. Bookmark this chart for future updates, and hit the like button if you found this helpful!

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Thank you

#PEACE

交易進行

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