Daily BTC/USDT Chart Analysis
1. Overall Trend Status
After a strong upward move, the price has entered a correction phase and is currently below the 90,000 – 92,000 resistance zone.
The breakdown of the previous support level followed by a pullback to it suggests confirmation of a corrective trend.
The price is below the Kumo cloud, indicating weakness in the bullish trend.
2. Potential Wave Count and Correction
Based on the chart structure, Bitcoin is likely in a corrective wave.
The current correction could be a Wave 4 within an upward impulse structure. However, if key supports are lost, it may evolve into a more complex correction (e.g., zigzag or flat).
The key support level is currently in the 73,700 – 74,000 range. If this level is breached, the next supports are at 66,000 – 68,000, followed by 59,000 – 60,000.
3. Indicators and Momentum
RSI and HARSI: They are in the oversold region and showing signs of a reversal, which could indicate a temporary bullish correction.
Ichimoku Cloud: The price is below the Kumo cloud, suggesting a continued mid-term bearish trend.
MFI (Buy/Sell Pressure): Sellers currently hold more strength, but a divergence is forming.
4. Potential Scenarios
Bullish Scenario:
If the price stabilizes above 86,000 – 88,000, a renewed push toward 92,000 – 96,000 becomes likely.
However, for confirmation of a sustained uptrend, breaking the 92,000 – 94,000 resistance is crucial.
Bearish Scenario:
If the price fails to reclaim 86,000 – 88,000, the correction will likely continue, with potential drops to 74,000 or even 68,000.
5. Conclusion
The market is currently in a corrective phase, and as long as it remains below 90,000, further downside is possible.
If buying pressure increases and the price stabilizes above 86,000, a temporary bullish wave could be expected.
However, if the 74,000 and 68,000 support levels are lost, the correction could deepen significantly.
Recommendation: Wait for price stabilization and confirmation of breakouts at key levels, particularly in the resistance zones of 86,000 – 88,000 and 92,000 – 94,000.