BTCUSDT| Descending Channel| Daily S/R| Swing High| Price Action

Evening Traders,

Today’s analysis – BTCUSDT- trading out of its Descending Channel, a confirmed break will lead into the Daily S/R

Points to consider,
- Price Action Impulsive
- Daily S/R Resistance
(.50 Fibonacci Confluence)
- Declining Volume
- Swing High

BTCUSDT’s immediate price action is trading towards a key Daily S/R where a bearish retest is probable, giving us a cautious bias.

The Daily S/R is in technical confluence with the .50 Fibonacci and the local OB, breaking this area with conviction will greatly increase the probability of a trend continuation.

The current volume profile is on a decline, an influx is highly probable when testing key trade locations.

Overall, in my opinion, BTCUSDT is a valid short based of a reaction at the Daily S/R, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work,

And remember,

“In order to succeed, you first have to be willing to experience failure.”

― Yvan Byeajee