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
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
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.