BTCUSDT is testing the support
Updated
The price is testing the lower trendline on the daily timeframe after a rejection from the 42k resistance.
On the 4h timeframe, the price got a rejection from 0.382 Fibonacci level and created a new Higher low.
The price is looking for a new bounce, and if the price is going to create a new Lower high we could see a new bearish impulse until the weekly support.
How to approach?
IF the price is going to lose the 4h support ton 38k and retest it as new resistance, we can add it to our watchlist and wait for applying our rules.
According to Plancton's strategy, we can set a nice order
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Keep in mind.
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Follow the Shrimp 🦐
On the 4h timeframe, the price got a rejection from 0.382 Fibonacci level and created a new Higher low.
The price is looking for a new bounce, and if the price is going to create a new Lower high we could see a new bearish impulse until the weekly support.
How to approach?
IF the price is going to lose the 4h support ton 38k and retest it as new resistance, we can add it to our watchlist and wait for applying our rules.
According to Plancton's strategy, we can set a nice order
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
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Follow the Shrimp 🦐
Note
On the weekend the volume is low.the price is trying to create a new Higher Low.
If the price is going to lose the support, we could see high volatility.
Be Careful
Note
The price got a rejection from the weekly resistance on 41k and create another long wick candle on it. On 4h timeframe, the price is testing the daily dynamic support on the 4h support as well. If the price is going to have a breakout from it, we can add it to our watchlist and apply our rules to open a new short position.
The next valid support is 34k.
The market is very choppy, all trades are riskier now.
Note
The price is moving. If the market is going to lose the support, we could see a new bearish impulse.
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