BTCUSDT is testing the support
Updated
The price got a rejection from the daily resistance on 48100 as you can see on the daily timeframe.
On the 4h timeframe, the price is following the arrow that I drew in the previous analysis. The price needs to hold the support on 44k and 0.382 Fibonacci level.
How to approach?
IF the price is going to lose the support we could see a retest of 0.5-0.618 Fibonacci level on 42k. Otherwise, if the price is going to get new liquidity from the previous resistance now new support, we could see a new bullish impulse. The market needs to create a new breakout from the 48200
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the 4h timeframe, the price is following the arrow that I drew in the previous analysis. The price needs to hold the support on 44k and 0.382 Fibonacci level.
How to approach?
IF the price is going to lose the support we could see a retest of 0.5-0.618 Fibonacci level on 42k. Otherwise, if the price is going to get new liquidity from the previous resistance now new support, we could see a new bullish impulse. The market needs to create a new breakout from the 48200
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
The price got a rejection from the 0.618 Fibonacci level and from the neckline.For the bullish continuation, the price needs to have a breakout from the resistance and satisfy our rules!
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