Bitcoin / TetherUSUpdated Hypothetical Assumption of BTC Movement
This is merely a hypothetical assumption of the movement of BTC / UST in the coming few days.
1. I assume that BTC will retrace towards the previous higher low levels of 23,092, where it may encounter resistance from sellers.
2. Afterwards, it may break below the ascending trendline and find support from buyers around 21,351 levels while forming a head and shoulder pattern.
3. With support from buyers around 21,351 levels, it may retrace towards the head and shoulder neckline (ascending trendline), where it may encounter resistance from short sellers again.
4. If short selling persists, BTC may head towards 18,387 levels to find support from long-term buyers again.
Please note that this is purely speculative and there is no guarantee that BTC will follow this pattern.
1. I assume that BTC will retrace towards the previous higher low levels of 23,092, where it may encounter resistance from sellers.
2. Afterwards, it may break below the ascending trendline and find support from buyers around 21,351 levels while forming a head and shoulder pattern.
3. With support from buyers around 21,351 levels, it may retrace towards the head and shoulder neckline (ascending trendline), where it may encounter resistance from short sellers again.
4. If short selling persists, BTC may head towards 18,387 levels to find support from long-term buyers again.
Please note that this is purely speculative and there is no guarantee that BTC will follow this pattern.
Note
BTC has broken below the ascending trendline completing step (2) of the assumption.Note
BTC has broken below 21,351 levels and descending towards 13.387 levels completing step (4) of the assumption.
Related publications
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.
Related publications
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.