BTCUSDT below 29000: About To Collapse?
Updated
BTCUSDT is below the 29000 as of now. It has not closed below 29000 on daily candles since June 20th this year.There is a clear RSI divergence indicating weakness in the movements of the last 2 months.
If today's daily candle closes below 29000, it is very possible that price will keep dropping in the upcoming days. In that case, I will be entering a short trade and aim to the orange trendline, the 200 SMA level, maybe even the area below 26350 on my chart.
Note
In effect, price yesterday closed below 29000, and price went as low as 25166, way below the 26350 area I anticipated.I entered short, a bit late at 28455 and sold at 26026, making a 93.36% ROI.
If price keeps dropping, my next key levels are 25000, 24385, 21500, and 19588.
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