BTC/USDT Important levels and what to expectđź’ˇ
We have 3 important levels that we need to take in to consideration,
The major support we bounced from: $18,000 area
The support area that price is currently holding above: $21,500 area
The major resistance area: $25,000 area
It is very important that Bitcoin price holds above the support area of $21,500 if it does it is highly probable that price will breakout the trendline to trade at higher prices around the major resistance area however if we see a confirmation of a breakdown the red scenario could play out with price falling to next major support. Remember that we have FED meeting this week and price action could be volatile, we need to be prepared for both scenarios that is why I share my analysis in both situations. I will look for short entries if we reach the major resistance area or if we have a confirmation breaking down the support. To my eyes it is not a good time to look for long entries, it is too late, as you can see price already made a big move from the major support and risk to reward would not be great and we have several resistances ahead like the trendline and the major resistance.
Comment below your thoughts and questions! Give us a boost and share with your friends if you find our analysis useful, that would be of great support!
The major support we bounced from: $18,000 area
The support area that price is currently holding above: $21,500 area
The major resistance area: $25,000 area
It is very important that Bitcoin price holds above the support area of $21,500 if it does it is highly probable that price will breakout the trendline to trade at higher prices around the major resistance area however if we see a confirmation of a breakdown the red scenario could play out with price falling to next major support. Remember that we have FED meeting this week and price action could be volatile, we need to be prepared for both scenarios that is why I share my analysis in both situations. I will look for short entries if we reach the major resistance area or if we have a confirmation breaking down the support. To my eyes it is not a good time to look for long entries, it is too late, as you can see price already made a big move from the major support and risk to reward would not be great and we have several resistances ahead like the trendline and the major resistance.
Comment below your thoughts and questions! Give us a boost and share with your friends if you find our analysis useful, that would be of great support!
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