BTCUSDT is moving upward with strong momentum. A weekly resistance is sitting above the price and it is 8%-9% above the current price. Looking at the price action and the resistances on its upward path, it seems likely that the price would target this weekly resistance around 29500-30000 before any pullback and then probably its upward journey to monthly resistance. On 4h time frame it seems, price wants to cool off a bit and if that happens, the price would land on the 4h support zone marked on the chart and very probable a good bounce from there.
Note
So that was a nice reaction from 4h support zone marked on the chart and discussed in the idea post.Note
So the price is moving as planned. As mentioned in the idea post, the price dipped to 4h support and that support held and price made its way up from there. We are still somewhat away from the target. Let us see if and when we can hit that. If anything changes, I will update it here.Note
I will close this long here in profit and reevaluate it again tomorrow. Depending on the price action I will take a new position.
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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.