BTCUSDT is testing an important support
Inverse head and shoulders failed, and the price had a breakdown from the daily support and descending channel.
At the moment the price is testing 39k, is the old Supply zone, now could become a new demand zone. It's weak in my opinion.
How to approach?
If the price is going to have a clear breakout from the demand zone, we could see a bounce on 0.618 Fibonacci level and retest the current support as new resistance.
IF the price is going to have a new rejection we could see another bearish impulse until 35k
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Follow the Shrimp 🦐
Keep in mind.
At the moment the price is testing 39k, is the old Supply zone, now could become a new demand zone. It's weak in my opinion.
How to approach?
If the price is going to have a clear breakout from the demand zone, we could see a bounce on 0.618 Fibonacci level and retest the current support as new resistance.
IF the price is going to have a new rejection we could see another bearish impulse until 35k
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Comment:
The price is testing the previous demand zone as new resistance.
the next hours are very important, the market is very nervous due to Russia - Ukraine
the next hours are very important, the market is very nervous due to Russia - Ukraine
The price is testing the old demand zone as new resistance.
If the breakout is confirmed, the next valid support is 34-33k