BTCUSDT could be setting itself up for a short-term pullback.It might be forming a Daily RSI Bear Divergence, with the latest retest of the the main supply zone, and RSI Divs/Breakouts have been reliable leading signals for recent
BTC PA.Key Levels to Watch
• $119k - Measured wedge target, confirmed with last month's breakout.
• $106.2k-$109.5k - Main supply and ATH, a sustained break above it would invalidate any bearish PA.
• $89.6k-$91.9k - Lots of confluence here:
- Unmitigated daily FVG
- The 200-day EMA is sitting there
- A move here would be between 0.5 and 0.618 Fib retracement of the last leg up, consistent with the typical pullback length of Wave 2 (Elliott Waves theory)
- It has also been an important S/R since November 2024, and a retracement here could form an Inverse Head and Shoulders pattern.
I would be patient with it, as I still see a lot of uncertainty short-term, but I think a pullback to ~$90k could offer a great long entry. Worth keeping a close eye on it.
Order cancelled
Setup invalidated with the break above the main supply zone and ATH.We could see a continuation towards the wedge target at $119k.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.