BTCUSDT wants to retest the daily support
Updated
BTCUSDT is currently trading within a descending channel on the 4-hour time frame, as indicated by the previous arrow.
The market is approaching a crucial support level at 21000k, which has been previously tested and may serve as an important pivot point for the price action.
The 21000k support level is a key price point where there is a significant concentration of buy orders that may absorb selling pressure and prevent the price from falling further. As the market approaches this level, it will be interesting to see how it reacts and whether it will bounce back up or break through the support.
It is worth monitoring the daily time frame to gain a better understanding of the overall trend and see how the market will react to the support level. A strong reaction at this level could signal a change in trend and lead to further price movements. Overall, the market is closely watching the test of the 21000k support, and traders should be cautious in making any trades until there is further clarity on the market direction.
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Follow the Shrimp 🦐
Keep in mind.
The market is approaching a crucial support level at 21000k, which has been previously tested and may serve as an important pivot point for the price action.
The 21000k support level is a key price point where there is a significant concentration of buy orders that may absorb selling pressure and prevent the price from falling further. As the market approaches this level, it will be interesting to see how it reacts and whether it will bounce back up or break through the support.
It is worth monitoring the daily time frame to gain a better understanding of the overall trend and see how the market will react to the support level. A strong reaction at this level could signal a change in trend and lead to further price movements. Overall, the market is closely watching the test of the 21000k support, and traders should be cautious in making any trades until there is further clarity on the market direction.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Note
the price is going to enter into my accumulation rectangle.
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