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Ultimate BTCUSDT AnalysisHi, traders! Not so long ago Bitcoin got 30000 price, but fortunately rejected it. We consider the current price action natural. Have a look at historical price movement. After every all-time-high we caught massive corrections. The same we can see here. Thus, we gonna represent you our up-to-date ultimate BTCUSDT analysis. Middle-term analysis Have a look at the plot above. As you see, the BTC make a huge arc pattern with great respect of both its lines. Moreover, the price is in the great support zone, based on previous higher-highs and lower-lows. We are waiting for a consolidation in it. Thus, judging by its current position (it’s made the second lower swing low), we see two scenarios. Green scenario After the consolidation, we break up all resistance lines. When the price will got near resistance arc, it’ll break it and make a new fractal. It can be both bearish and bullish. Red scenario After the consolidation, we break down all support lines and come to 30000$ again. We are sure that it’ll find great support there, thus it’ll probably make a new fractal based on 30000$. Short-term analysis As you can see on the chart, BTC has built descending channel. Nevertheless, judging by Fib. Retracement levels, it is about to find great support on 35469 $ level. Moreover, such descending wedges usually break up and make new bullish fractal. But, the power of bears could too big, and the price will get down even more. Have a look at possible scenarios. Green scenario The price will test 1 Fib. Level and reject from it up, breaking up the bearish chanel. We would advise you to open long after getting the price over 1.Fib level and take profit in the middle of 0.786-0.618 zone. Red scenario The price will break down the 1 Fib and go down breaking even 1.272 level. Long-term analysis As you can see on the chart, right now price is “lying” on the support zone that’s built by previous price actions. As you see it was tested and the price rejected from it’s bottom. Thus, we should wait and will see either the price reject from the support zone and start building new bullish fractal (Green scenario) or break it down and start to consolidate in it (red scenario). DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
by Skyrexio
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