The downward trend of BTCUSDT continued on Wednesday, surpassing the psychological support level of $40,000 and trading around $39,600. The strong support for further decline is evident as it trades below both EMA lines and shows clear reversal signals from the EMA 34.
Based on chart analysis and the use of Fibonacci, there is a potential for a DOW (Dead Cat Bounce) after the corrective phase. The low point below the 1.618 level (around $35,100) would be the first profit-taking opportunity for sellers at the current time and in the scenario mentioned above.
Based on chart analysis and the use of Fibonacci, there is a potential for a DOW (Dead Cat Bounce) after the corrective phase. The low point below the 1.618 level (around $35,100) would be the first profit-taking opportunity for sellers at the current time and in the scenario mentioned above.
