43 BTCUSDT Technical Analysis: Anticipating a Retest and Potential UpsideIn this technical analysis, we’ll delve into the current state of BTCUSDT (Bitcoin trading pair with Tether) and discuss a potential retracement and retest scenario. We’ll also explore key support and resistance levels to monitor.Retracement and Retest of Neck Line SupportCurrently, BTC is trading at $26150 and the chart suggests a retracement and retest of the Neck Line support in the Inverse Head & pattern. This retracement could be influenced by negative news in the market. It’s important to note that the retest of the pattern’s Neck Line support has not happened yet.Expected Price Movementof the chart indicates that BTC might reach the $23,700 level before experiencing an upward rally. If the support level at $23,700 holds, there is potential for a 50% price increase from the Neck Line support level, with a target of $36,000.CryptoPatel’s Key Levels to WatchSupport levels to watch closely include $23,700 and $19,000, as a breakdown below $23,700 could lead to BTC’s price dropping below $20,000. Resistance levels to monitor for potential upward movement are $30,500, $36,300, and $46,800.Read More News: BTC 6H Chart Analysis | Tornado Cash Co-Founder Fights Back Against Charges | Bitcoin’s Recovery PhaseSupport levels: $23,700 $19,000Resistance levels: $30,500 $36,300 $46,800Important ConsiderationsPlease do not trade blindly based solely on this analysis. Consider conducting your own research and analysis before investing in any cryptocurrency, and remember that market conditions can change quickly. Staying informed and being prepared is crucial.ConclusionBased on the chart analysis, it seems that BTC might experience a retracement and retest scenario at the Neck Line support level. It’s crucial to monitor key support and resistance levels, remains informed with the latest market updates, and conduct your own research before making any investment decisions.
