BTCUSDT at weekly support, likely to head up to 106000

The price had rallied well from the low it has made in the beginning of july 2024. But the weekly resistance WR1 stopped that rally again and the price has pulled back since then. This retracement has now reached a confluence of dailys support DS1 and weekly support WS1.

There is a chance that the price reverses from here but the possibility of dipping it further into weekly support zone WS1 cannot be ignored. However, this daily support will definitely cause some bounce which we can also be used for a long trade but that lower time frame setup we will talk in a separate post. This setup is meant for the long shot where the price is likely to head to 106k area after the reversal.

The current month is looking bullish from the monthly candle perspective and therefore, this a long trade is favorable from weekly support WS1, even though it might dip further into WS1 zone.