RLinda ! BTCUSDT -> The bears develop the situation

27 août 2022

BTCUSDT perfectly works out the bearish "growing wedge" set-up, at the moment, after breaking through the support, the price fell by 12%. It is possible that the fall may continue.

A local descending channel began to form on the chart, I have marked its boundaries. I can assume that the second impulse is not over yet, judging by the daily candle of the previous day and its closing. On the chart there is an important level, support 20232, near which the situation is developing now, either breakout and fixation under the level, or false breakout and pullback.

I assume, since we have three open liquidity zones, 19240, 18626, 17622, I think the price can go in this direction, but at the moment the price has stopped between the support of the descending channel and the horizontal level 20232, we will observe how strong the levels are and how the price will behave. Obviously, the market sentiment is bearish and it is not worth making intraday buy trades yet, we are in a strong bearish trend.

Regards, R.Linda!

27 août 2022

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