BTCUSDT Two key levels to watch...again!
Updated
As I told you in the previous idea, Bitcoin has two levels to watch.
- the first one is the weekly resistance where the price got the rejection and where the market has the supply zone and the 0.5 Fibonacci level.
- The second one is the 4h support, where the market got the liquidity for the impulse. (Elon Musk's entry).
How to approach?
First of all, don't force the trade, the market needs to satisfy our Rules.
For the long scenario the price needs to have a breakout from the weekly resistance above the 43400 and confirm it, the next valid resistance could be the daily one on 45k
The bearish scenario: If the price is going to lose the 4h support, the price could retest the lower trendline of the ascending channel. The first valid support could be the 1.13 Fibonacci Ext on 36400$.
Let's see
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
- the first one is the weekly resistance where the price got the rejection and where the market has the supply zone and the 0.5 Fibonacci level.
- The second one is the 4h support, where the market got the liquidity for the impulse. (Elon Musk's entry).
How to approach?
First of all, don't force the trade, the market needs to satisfy our Rules.
For the long scenario the price needs to have a breakout from the weekly resistance above the 43400 and confirm it, the next valid resistance could be the daily one on 45k
The bearish scenario: If the price is going to lose the 4h support, the price could retest the lower trendline of the ascending channel. The first valid support could be the 1.13 Fibonacci Ext on 36400$.
Let's see
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
The price is testing the support.The market needs to hold it
Note
Very low volume today, the price is still testing the daily support on 40kNote
During the weekend the volume is low, and the price is testing the 4h support on 39700. The price created an M pattern and we could see another retest of its neckline around 40500.
Bearish scenario if the price is going to lose the support.
Note
The price is testing the 0.886 Fibonacci level.IF the price is going to lose the support, we could see a new bearish impulse.
Be careful to False breakout
Note
The price bounced on the lower trendline and now it's testing the previous support as new resistance. As I told you if the price is going to get the rejection the next valid support is 36k
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