Technical analysis by Henrytrader93 about Symbol BTC: Sell recommendation (8/19/2024)

On the 1-hour chart of BTCUSDT, we observe that the price has pulled back after breaking through the critical support level at $58,783, which has now turned into a new resistance zone where sellers are actively defending the price near the reversed EMA 34. Currently, the price is in a minor recovery phase following the recent sharp decline, but there are clear signals indicating that another downward move may be forming.It is anticipated that BTCUSDT could continue its bearish trend, targeting the next key support level at $57,642.73, marked as point (5) in the pattern. This is a crucial level that traders should watch closely. If the price faces strong selling pressure at the resistance area near point (4), it could present a good opportunity to enter a sell position, aiming for the support below. Keep monitoring the price action to seize optimal trading opportunities in the current market environment.As expected, after BTCUSDT completed wave 5 near the mentioned support level, it rebounded unexpectedly.