BTC/USDT – 1H – SELLThe pair Bitcoin/Tether (BTC/USDT) jumps from the descending trendline down.
A continuation of the downward movement down to the next support level at 106438.330000000 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 108000.000000000 is also possible.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 108952.380000000 |
| 2nd High | 108272.450000000 |
| Next High | 108000.000000000 |
| Current Price | 106875.750000000 |
| Next Low | 106438.330000000 |
| 2nd Low | 99613.330000000 |
| 3rd Low | 98200.000000000 |
108000.000000000 – 108272.450000000 – 108135.300000000 – 106438.330000000 – 99613.330000000 – 98200.000000000
Trading Signals: FOREX – BTC – BTC/USDT – USDT – Bearish Engulfing –