BTCUSDT Falling wedge and demand zone

3 במאי 2022

The price got a rejection from the 0.382 Fibonacci level on the monthly timeframe.
On the weekly timeframe, we can find the higher low.

As you can see in the video the price created a demand zone around 33k, and the price could retest this area if the price is going to have a new bearish impulse.

On the 4h timeframe, the price is going to create a falling wedge.

How to approach?
IF the price is going to have a breakout from the falling wedge and SATISFY our rules, we could open a new long position, otherwise, if the price is going to have a bearish impulse we could see a retest of the demand zone on 33k area.



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Keep in mind.

🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.