Technical analysis by onurckmz about Symbol BTC: Sell recommendation (11/22/2024)

1. Support and Resistance Lines: • The blue line shows the trend line supporting the price. • The red line represents the resistance level of the upward movement. 2. Contracting Structure: • The price movement is compressing upward, meaning the upper and alt lines are approaching each other. This usually indicates that the price will breakout at a certain point. 3. Volume: • The volume indicator also seems to have gradually decreased. This may indicate that the momentum of the rise is weakening. Possible Scenarios: • If the price breaks the red resistance line upward, the rise may continue and reach new peak levels. • However, if the price breaks the blue support line downward, this may be a trend reversal signal and the price may experience a rapid decline. Strategy: • Watching Support and Resistance breakouts: It would be logical to trade according to the direction the price will breakout. • Using stop-loss: If a breakout occurs below the blue line, the decline may accelerate; therefore, it is important to determine a stop loss level. The chart currently seems to be in the decision phase. It is important to consider fundamental analysis data as well as technical analysis in your investment decisions.