BTCUSDT is trying to have a breakout
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The price had a breakout from the dynamic resistance on the daily timeframe and got a rejection from the key level on 43-35k.
On the lower timeframe, we can see a bounce from the weekly support on 36k and the market is starting to create a descending channel.
The price is testing another key level on 39k, that resistance is very strong, if you check on the left you can see several rejections for that area.
How to approach?
The long scenario is valid only if the price is going to have breakouts from the descending channel and 4h resistance above the 42k In that case we can talk about reversal.
Otherwise, if the price got a rejection and the market is going to lose the 4h support on 37k, we could see another bearish impulse until the weekly support around 35-34k
According to Plancton's strategy, we can set a nice order
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Keep in mind.
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Follow the Shrimp 🦐
On the lower timeframe, we can see a bounce from the weekly support on 36k and the market is starting to create a descending channel.
The price is testing another key level on 39k, that resistance is very strong, if you check on the left you can see several rejections for that area.
How to approach?
The long scenario is valid only if the price is going to have breakouts from the descending channel and 4h resistance above the 42k In that case we can talk about reversal.
Otherwise, if the price got a rejection and the market is going to lose the 4h support on 37k, we could see another bearish impulse until the weekly support around 35-34k
According to Plancton's strategy, we can set a nice order
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
–––––
Follow the Shrimp 🦐
Note
The price is testing the important resistance right now, the descending channel and 4h static resistance, we need to have a clear breakout with volume.
a daily close above 42k should be a perfect day
Note
Honestly, I don't like the last candle (the red one) it's an engulfing on the 4h resistance and dynamic one.I'd like to see a clear breakout from it, with nice volume and momentum.
The market needs to recover the 42k level
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