Is the history repeating itself? - BTC/USDT
Currently BTC/USDT pair is depicting a similar pattern which was observed during Apr-May correction. The pair was trading in a channel before it failed to retest the channel resistance (red lines). Currently, there are two (2) scenarios that can play out, but both of them are indicating towards a downside.
Scenario 1
BTC/USDT can make a move up from current levels to retest the $48,000-$50,000 levels. And then eventually make a move down. The pair will find a strong monthly resistance at $46,930. If it manages to surpass this resistance level, we can see a move up to retest 48-50k resistance.
Scenario 2
BTC/USDT pair will keep sliding down to $42,713 where it will find support and then retest $44,950 monthly resistance level again. Eventually failing to gain the level the price will move down to $31,000 which is an area of strong accumulation.
The downside is confirmed by MACD top crossover and bearish divergence of RSI.
The best strategy to control the downside is to observe the given resistance levels and then subsequently opening short position at multiple resistance levels to earn some important percentage points.
Please share your feedback, criticism and though provoking questions in the comments section below.
Asad Rindani
Co-Founder Crypto Swordfish
Scenario 1
BTC/USDT can make a move up from current levels to retest the $48,000-$50,000 levels. And then eventually make a move down. The pair will find a strong monthly resistance at $46,930. If it manages to surpass this resistance level, we can see a move up to retest 48-50k resistance.
Scenario 2
BTC/USDT pair will keep sliding down to $42,713 where it will find support and then retest $44,950 monthly resistance level again. Eventually failing to gain the level the price will move down to $31,000 which is an area of strong accumulation.
The downside is confirmed by MACD top crossover and bearish divergence of RSI.
The best strategy to control the downside is to observe the given resistance levels and then subsequently opening short position at multiple resistance levels to earn some important percentage points.
Please share your feedback, criticism and though provoking questions in the comments section below.
Asad Rindani
Co-Founder Crypto Swordfish
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.