BTC/USDT Plunged into a Bearish Short-Term Consolidation Pattern Inside a Triangle

According to the BTC/USDT chart, Bitcoin has plunged into a bearish short-term consolidation pattern inside a triangle, which may push the price down

Coin Name : #BTC

Signal Type : LONG

According to the BTC/USDT chart, Bitcoin has shown a strong uptrend in a 4-hour candle. The price has broken through a crucial resistance level and is now consolidating within a triangle, indicating a bearish short-term consolidation pattern. This pattern may push the price down toward a 90,435.69$ target. However, the long-term indicators are still bullish, indicating that it might be a decent strategy to open a short position now and close it when Bitcoin reaches 96,000$ and then open a long one.

The chart is indicating that USDT dominance is currently consolidating within the triangle. The action may see a short-term upward move, but longer-term bearish pressure will more than likely push the price back down. The RSI shows weakening momentum and therefore adds to caution in the short term. Based on this, an optimum way would be to open a short position at the moment, then close it at approximately $96,000 and start long afterward.

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The chart shows quite an interesting buildup of liquidation orders in the BTC/USDT market, mainly at the $100,000 level. Bitcoin has almost cleared its long-term liquidity zones, signaling potential downward movement in the short term. Though the given trend is bearish in the lower timeframe, the sentiment of the overall market is still kind of bullish, which can be used to rebound after further retracement and make a strong upward move once the liquidity is tested.

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Trade Details:

Entry: Around 49 ( Join my Binance live for premium crypto signals )

1st Tp: 94983.54

2nd Tp: 90435.69

$BTC #swap_crypto

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