BTCUSDT is creating a channel 🦐
Updated
BTCUSDT is creating a channel above the weekly support after the price had a bearish impulse.
The market got liquidity with 38k's spike (Pinbar candle) and it came back into the range. We could have two scenarios in that case.
If the price is going to have a breakout upside with nice volume and retest the daily resistance as new support, we could see a new bullish impulse.
Otherwise if the price is going to lose the weekly support, and retest it as new resistance, in that case the new support could be around 30k.
At the moment we are watching the market in order to understand its strength.
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Follow the Shrimp 🦐
Keep in mind.
The market got liquidity with 38k's spike (Pinbar candle) and it came back into the range. We could have two scenarios in that case.
If the price is going to have a breakout upside with nice volume and retest the daily resistance as new support, we could see a new bullish impulse.
Otherwise if the price is going to lose the weekly support, and retest it as new resistance, in that case the new support could be around 30k.
At the moment we are watching the market in order to understand its strength.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <4h structure.
Note
Btc is going to repeat the pattern?Note
The market got a rejection from the 0.5 Fibonacci Level and bounced on 0.618 Fibonacci level on the 4h timeframe. The market is testing again the supply zone on 4h timeframe.
We are waiting for a clear breakout of 45k
Otherwise, if the price is going to lose the 0.618 Fibonacci level, we could see another retest of weekly support (the Red one)
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