BTCUSDT at daily support, likely to head towards 30836
Updated
The price is trading at daily support. The price action is kind of indecisive. However, as long as 29500 level is respected on 4h basis, the price has chance to move upward. Therefore, taking this long as the support is indicating a long. If we lose 29500, the price is likley to head towards 26500. But as long as the current support and 29500 level is not lost, I am inclined towards upward movement.
Note
As per our expectation, the price moved up from the daily support zone DS1 and reached to the 4h resistance zone 4HR1 which is also our first zone for profit taking. So the first milestone is reached, and lets see if we break this resistance and reach to the target 30836.Note
As we can see on lower time frame chart, it is evident that the price is facing resistance and getting rejected at 4h resistance level 4HR1. Lets monitor this to see if it is an opportunity to add to the remaining position or to come out of the remaining trade in profit.
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.