Double Resistance
As can be seen on the chart BTCUSDT is meeting double resistance lines.
Expect a drop from here. On the daily time frame we can see a pin bar under construction.
Wait for a correction and look for a long entry around 19000..
Expect a drop from here. On the daily time frame we can see a pin bar under construction.
Wait for a correction and look for a long entry around 19000..
Note
On the 4H chart, it has made a double top and failed breakout of previous swing high. More validation that uptrend is ending. Now it needs to be seen whether we have a correction or it was a dead cat bounce. If it was a dead cat bounce than BTC may break the low and drop to 10000 or lower.
If we have a correction than it should drop to around 19000 at least.
Note
The price is moving in a channel. Now we need to wait for a breakout.As stated before, a breakout to the downside is more likely, keeping in view that a correction is due and we have bearish divergence on RSI.
Note
I am unable to insert chart image on my comments. I have a free account. Can anyone please guide me how can I insert chart image in updates/comments?Note
The volume has dried down. A lull before the storm.
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.