Bitcoin / TetherUSUpdated BTCUSDT is testing the Demand Area
BTCUSDT is currently testing the daily demand zone. This indicates that there is significant buying pressure from traders at this level, which could lead to a potential reversal in the trend.
Furthermore, the price is forming a descending channel, which is a bearish continuation pattern that typically indicates that there is still selling pressure in the market. However, it's worth noting that a breakout from the descending channel could potentially indicate a change in trend direction.
According to Plancton's Rules, a 4-hour resistance flip could be an indication of a potential long position. This means that if the price of BTCUSDT breaks above a key resistance level on the 4-hour timeframe, it could be a good opportunity to buy and hold BTC with the expectation that the price will continue to rise.
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Follow the Shrimp 🦐
Keep in mind.
Furthermore, the price is forming a descending channel, which is a bearish continuation pattern that typically indicates that there is still selling pressure in the market. However, it's worth noting that a breakout from the descending channel could potentially indicate a change in trend direction.
According to Plancton's Rules, a 4-hour resistance flip could be an indication of a potential long position. This means that if the price of BTCUSDT breaks above a key resistance level on the 4-hour timeframe, it could be a good opportunity to buy and hold BTC with the expectation that the price will continue to rise.
–––––
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
no breakout no trade
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