Ok guys,
BTCUSDT
is in a critical point in time as it recently broke out AGAIN of a HTF trend line resistance, I say again because price was able to stay above it for 4 weeks before the $2000 selloff in one single weekly candle.
WEEKLY
On a weekly level, price is consolidating inside the triangle. Recently got rejected buy the horizontal resistance at 11,500 area. A breakout from this level will open a 16% upside move until the next resistance level.
DAILY
11,200 area seems to be holding as support, here also is where 13EMA is giving more strength to the level. Losing this level will take the price down to the 11,000 area where psychological support is. 11,500 it is still the overhead resistance.
4H
Price is pinched in between 13 and 50 EMA. As long as price stays above 11,200 we should be ok on the 4H time frame. My opinion is that we'll consolidate a little bit more inside the triangle in the 4H TF.
Overall Price needs to get out of the 11,200-11,500 range for more direction.
Thanks
BTCUSDT
is in a critical point in time as it recently broke out AGAIN of a HTF trend line resistance, I say again because price was able to stay above it for 4 weeks before the $2000 selloff in one single weekly candle. WEEKLY
On a weekly level, price is consolidating inside the triangle. Recently got rejected buy the horizontal resistance at 11,500 area. A breakout from this level will open a 16% upside move until the next resistance level.
DAILY
11,200 area seems to be holding as support, here also is where 13EMA is giving more strength to the level. Losing this level will take the price down to the 11,000 area where psychological support is. 11,500 it is still the overhead resistance.
4H
Price is pinched in between 13 and 50 EMA. As long as price stays above 11,200 we should be ok on the 4H time frame. My opinion is that we'll consolidate a little bit more inside the triangle in the 4H TF.
Overall Price needs to get out of the 11,200-11,500 range for more direction.
Thanks
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