Analyzing BTC/USD: Bitcoin’s potential drop to $37,000 if $40,700 support is breached

2024-1-19 16:48

BTC/USD trading strategy Buy/sell asset: Sell BTC/USD Entry price: $40,700 Stop loss: $41,800 Leverage: 1x Take profit 1: $39,600 Take profit 2: $38,500 Take profit 3: $37,000 Timeframe: 1-2 weeks Maximum profit: 9% Maximum loss: 2.8% BTC/USD chart and technical analysis

Bitcoin is retesting a major support level of $40,700 and if the price manages to break below this level then it will likely further drop to the $37,000 support level. The price has retested this level multiple times but was unable to break it and if it managed to close below this level then it will likely drop further.

I am waiting for the price to close below this level before entering for a short entry. The price is likely to retest the same level after breaching it. My entry will be $40,700 as this level then will act as a strong resistance.

The overall market structure is bearish and another drop seems certain. When the price ranges for a while then it usually drops further. The price ranges for a few days and then drops to new lows.

Bitcoin fundamental analysis

Fundamentally, the Bitcoin trader who called the $48K BTC price top flags a new bearish signal. According to some analysts, the recent drop might be more than a correction and the price will likely drop further.

Overall, there is uncertainty about where the price will go which is causing further sell-offs.

Bitcoin to Tether trade idea takeaways The price of  Bitcoin is likely to drop if it manages to break the $40,700 support level.  The price is likely to drop to the $37,000 support level in the coming days. Multiple take-profit levels have been added to secure profit along the way. The risk-to-reward ratio on this trade is 1:3.1. The entry and stoploss prices have been placed at secure levels with the least probability of getting hit. Good luck!

The post Analyzing BTC/USD: Bitcoin's potential drop to $37,000 if $40,700 support is breached appeared first on Invezz

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Lendroid Support Token (LST) на Currencies.ru

$ 0.00049 (+0.76%)
Объем 24H $0
Изменеия 24h: 5.17 %, 7d: -58.34 %
Cегодня L: $0.00049 - H: $0.00049
Капитализация $0 Rank 3554
Доступно / Всего 0 LST

support level 700 btc bitcoin usd drop

Источник: invezz.com

support level → Результатов: 126


Фото:

If History Rhymes, Bitcoin is Likely to Start Developing a Long-Term Bottom

Bitcoin is currently undergoing a serious correction that has caused its price to see some significant losses throughout the past few days The cryptocurrency is now hovering just a hair above $30,000, with bulls struggling to support it above this level as bears take control Where it trends in the mid-term will undoubtedly depend largely on whether or not $30,000 holds as support Any major break below this level could be all that it takes […]

2021-1-28 23:00


Фото:

This 2017 Fractal Suggests Bitcoin is About to Go Parabolic

Bitcoin has seen some strong price action following its recent dip down to lows of $17,600 The support here allowed bulls to establish this level as a mid-term bottom, and it has been rising ever since Where it trends next will depend largely on the continued reaction to the support existing at $19,000, as the flip of this level from resistance to support has been promising Another sustained break below this level could be a […]

2020-12-15 21:00


Here’s What May Have Caused Bitcoin to Nosedive into Its Key Support

Bitcoin saw a nosedive that caused it to erase all of yesterday afternoon’s gains as a result of the intense selling pressure around $13,800 This level marks the cryptocurrency’s 2019 highs, and a continued bout of trading at this level could confirm this as a local top It is important to note that BTC has found support above $13,200, which is a positive sign suggesting that upside is imminent The resistance here isn’t the only […]

2020-10-29 02:00


Фото:

Bitcoin Price Analysis: Low Time Frames Show Signs of Life Amid Weekly Tests

Bitcoin continues to coil tightly within its range-bound market as the bulls and bears fight it out to see which is most dominant. On the lower time frames (TF), bitcoin is managing to find support:Figure 1: BTC-USD, 2-Hour Candles, Low TF SupportThe zone outlined by the green line in Figure 1 represents local support that has kept the market afloat for the last week and a half.

2019-3-13 22:26


Фото:

Bitcoin Price Analysis: Wait and See Where Recent Signs of Strength Lead

This week realized a big gain as bitcoin enjoyed a 25% rally from its local bottom before topping out around $4,400. Support currently appears to be established in the mid-$3,000s as the market remains indecisive over its next move:Figure 1: BTC-USD, Daily Candles, Current Support LevelFigure 1 shows the relevance of the current support level as it represents a previous support level that was never properly retested during last year’s parabolic bull market.

2018-11-30 01:45


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru