BTCUSDT Rising Channel|Price Action|Increasing Volume|.618 Fib

22 באוק׳ 2020

Evening Traders,

Today’s analysis – BTCUSDT = impressive rise, running into key Fibonacci levels where a short term rejection is probable.

Points to consider,
- Price Action Impulsive
- Rising Channel Resistance (.618 Fib Confluence)
- Support Zone Confluence (.50 Fib Confluence)
- Oscillators Bullish Control Zone
- Volume Increasing

BTCUSDT’s immediate price action is impulsive breaking from its support zone. This allows us to have a bullish bias on the market.

Price is approaching channel resistance that has heavy confluence with the .618 Fibonacci Extensions and Retracement, an initial rejection here is plausible.

BTCUSDT has flipped resistance into clear support that is also in confluence with the .50 Fibonacci level. A back test here is plausible and must hold for a bullish market structure.

Both oscillators are overextending, further upside momentum is highly probable until reaching officially overbought conditions.

The volume profile is increasing, this is a sign of a true breakout and any pullback is likely to be bought up.

Overall, in my opinion, BTCUSDT is a valid long at support zone; price action is to be used upone discretion/ management of trade.

Hope this analysis helps!

Thank you for following my work

And remember,

“You create your own game in your mind based on your beliefs, intents, perception and rules.”
― Mark Douglas