BTCUSD (Bitcoin vs. US Dollar) identifies important market behaviors:
Downtrend Analysis:
Current Pattern: BTCUSD failed to create a new higher high and has formed two new lower lows.
Liquidity Grab: The price retested the previous resistance zone to take liquidity.
Support Zone: Price is currently in a support zone.
Bearish Scenario:
Action: If the support zone breaks, look for a sell opportunity after a retest.
Final Take Profit (TP): $41,935.
Bullish Scenario:
Entry: If the price hits the support zone and holds, consider buying.
First TP: $53,495.
Disclaimer: This analysis is for educational purposes and not financial advice.