BTC / USDT pair on Binance (4h timeframe) analysis + prediction
Hello,
Today I'll look at the BTC/USDT chart pair on Binance in the 4h timeframe. The demand zone is around $15850, and the supply zone is sitting around $16770 (previous supply zone was around $18K). From the long-term timeframe, I can spot the Falling Wedge trading pattern coming from a downtrend, and from the short-term time frame, I can see that the Ascending triangle trading pattern is occurring with consolidation and a rising support trendline. As an ascending triangle is normally a bullish sign, I expect the price to go just a little higher before changing direction and moving towards the demand zone at around $15800. The possibility of a breakout can happen at $17,200. If the price breaks the Falling wedge structure, we can expect a bullish movement and the price to move in the direction of 18K. If the opposite happens, I am expecting that we will move with the price in a downtrend to the demand zone at $15800 or lower. Both of the patterns I noticed are primarily bullish, but TREND is your friend. I am expecting the price to slightly move upward and then go in a downtrend to the demand zone at around $15800 or lower. My trading idea is to go short/sell. We are still in a bearish cycle, don't forget that!
Enjoy & have an amazing day!
BF
Today I'll look at the BTC/USDT chart pair on Binance in the 4h timeframe. The demand zone is around $15850, and the supply zone is sitting around $16770 (previous supply zone was around $18K). From the long-term timeframe, I can spot the Falling Wedge trading pattern coming from a downtrend, and from the short-term time frame, I can see that the Ascending triangle trading pattern is occurring with consolidation and a rising support trendline. As an ascending triangle is normally a bullish sign, I expect the price to go just a little higher before changing direction and moving towards the demand zone at around $15800. The possibility of a breakout can happen at $17,200. If the price breaks the Falling wedge structure, we can expect a bullish movement and the price to move in the direction of 18K. If the opposite happens, I am expecting that we will move with the price in a downtrend to the demand zone at $15800 or lower. Both of the patterns I noticed are primarily bullish, but TREND is your friend. I am expecting the price to slightly move upward and then go in a downtrend to the demand zone at around $15800 or lower. My trading idea is to go short/sell. We are still in a bearish cycle, don't forget that!
Enjoy & have an amazing day!
BF