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BTC/USDT - Current Level Is KeyHello traders, I hope you're all having a wonderful Christmas.
Here we have BTC/USDT on the 12H chart.
BTC/USDT has been in a correction move since the long term uptrend. More recently price has bounced on a key horizontal support zone at 11980, and is now bouncing a second time at this level. Price could consolidate at this support.
As it stands, it appears that BTC/USDT is ready for an up move. Price is not only at a horizontal resistance, but is also at a point of Fibonacci key retracement support. And there is also a Fibonacci support confluence! This means that BTC/USDT is currently trading at a major support level. This in itself is no guarantee of a up move, but, it does tell us one thing. If BTC/USDT is able to break below such a strong support, what does this say about the trend integrity of Bitcoin? It could tell us BTC/USD is obviously quite weak.
I am expecting an up move eventually. It may well break below the current support and go to the lower support zone at 7550. But as mentioned above, if it breaks the current support zone it does say a lot about the true strength of Bitcoin as a whole.
I now think, a break below current support says not only a lot about price, but a lot about investors psychology and investors sentiment towards this Cryptocurrency. All bets are off for a long term uptrend if such a monumental level is broken, as it is basically an agreement that the uptrend will stay in place.
