BTC/USDT MONTHLY OVERALL SCENARIOHelo Traders so in this btc/usdt chair i have explained the all the important Support and Resistance with the purpose to show you a more clear picture of the market on higher time frame
So on 1 month chart we can clearly see a inverse W pattern which was started nov 2020 from zone 13.5k with neckline on 29150 and exactly this is the zone which we can consider market will hit in july or august
So 1st we talk about the support market is trading at 19.4k with strong support 17300 which is exactly the ATL of last 2 years with dynamic support level at 18.7k area which must need to hold for the confirmation of bottom on 17.5k if it will break then market can further test its 13600 to 12400 , which 13600 is strong monthly support and 12400 is the strongest support of the upward trend which is started from Jan 2019
The Strongest Resistance Area on monthly time frame is 29.1k which is also neckline of inverse W pattern and also a dynamic Resistance Area of ATH
Current Scenario : Now market must needs to hold support level of 18.7k and 17.5k for showing a good upward movement in July and it could be hit 29k area if market jump from this zone and if bears will successful in breaking that support level then area of 13600 to 12400 must be filled and there will be a strong bounce back from this region
How to Trader regarding this scenario : This analysis is perfect for holders and midterm traders Best buying Range is 18.7k to 17.5k area buy atleast 40% of your portfolio in this area , and Rest of the 60% on 13.6k Range to 12.4k Range With Expected Target for 29k for midterm like july to August
