BTCUSDT: Short-Term Analysis for 14/11/2024

Disclaimer: This analysis is for informational purposes only and should not be considered as investment advice. Cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. Always consult multiple sources and conduct thorough research before making trading decisions.

Time Frame: 1-hour

Market Analysis:
The market has not taken any inducement, therefore, the high is not yet confirmed.
A breakout above the current high of 91,645.00 could potentially trigger a rally towards the upper target, as indicated by the XABCD pattern on the chart.

Alternative Scenario
On the other hand, if the price dips below the invalidation at 88,005.00 level, then the XABCD pattern is invalid, therefore likelihood of reaching the upper range becomes increasingly uncertain.

Key Levels:
immediate Support: 88,005.00
Resistance: 94,120.00 - 96,866.00
Local High: 93,421.00

Trading Bias:
The current market structure is forming a rising wedge pattern, a bearish reversal formation. Furthermore, the harmonic XABCD pattern suggests a high probability of trend reversal to bearish after reaching the upper level.

Additionally, the Relative Strength Index (RSI) is exhibiting bearish divergence, indicating a loss of upward momentum. Decreasing volume also supports the bearish outlook.

These technical indicators collectively suggest a heightened likelihood of a trend reversal, warranting caution and close monitoring of market developments.
chart:
https://www.tradingview.com/x/9C48SEXa/