Evening traders,
Today’s analysis – BTCUSDT –trading between two technical levels where a break in either direction is probable,
Points to consider,
- Price Action Impulsive
- Daily S/R Support
- POC Resistance
- VWAP Support
BTCUSDT’s immediate price action is impulsive, trading down towards a key level that has technical confluence with the Daily S/R and the POC, allowing for a bullish bias.
The POC is current resistance, breaking this level will show a sign of strength, below is considered weak.
The RSI is trading in oversold conditions, a reversion to its mean is highly probable once key levels are broken.
Overall, in my opinion, BTCUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember!
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
Today’s analysis – BTCUSDT –trading between two technical levels where a break in either direction is probable,
Points to consider,
- Price Action Impulsive
- Daily S/R Support
- POC Resistance
- VWAP Support
BTCUSDT’s immediate price action is impulsive, trading down towards a key level that has technical confluence with the Daily S/R and the POC, allowing for a bullish bias.
The POC is current resistance, breaking this level will show a sign of strength, below is considered weak.
The RSI is trading in oversold conditions, a reversion to its mean is highly probable once key levels are broken.
Overall, in my opinion, BTCUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember!
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager