BTCUSDT: What supports and resistances shall we expect?
Dear Friends,
In this post, I would like to pinpoint the major supports and resistances that we might detect in the
BTCUSDT
daily timeframe so stay with me.
Resistances
1- All Time High (ATH) resistance: 19884.
2- Purple channel upper band: around 20700; This channel has been in force since 20 March 2020 and has been tested many times. Thus, its of very high significance. However, once the ATH resistance at 19884 is broken, then this might act as only a decelerator.
3- Red channel upper band: around 21650; This channel has been active since 17 Oct 2020. The upper band might act as the final destination of the upcoming uptrend move.
Supports
1- Green channel upper band: around 19000; This channel has been active since 1 Dec 2020. Currently, I'm expecting a pull back to this line before the next strike.
2- Volume Range Point of Control (POC): around 18300; Volume range properly depicts the volume traded in each price. POC is the price where maximum volume in the selected period has been traded which also act as a very strong support. As you can see, the POC coincides with the green channel mid-line. Volume range has been drawn for the period of 17 Oct 2020 - Present.
3- Red channel lower band: around 17800
4- EMA 50 and MA50: around 16800
5- EMA 100 and purple channel lower band: around 13800
These prices help you better finetune your stop loss configuration.
I hope you find this helpful! Please Like and Share if it does :)
In this post, I would like to pinpoint the major supports and resistances that we might detect in the
BTCUSDT
daily timeframe so stay with me. Resistances
1- All Time High (ATH) resistance: 19884.
2- Purple channel upper band: around 20700; This channel has been in force since 20 March 2020 and has been tested many times. Thus, its of very high significance. However, once the ATH resistance at 19884 is broken, then this might act as only a decelerator.
3- Red channel upper band: around 21650; This channel has been active since 17 Oct 2020. The upper band might act as the final destination of the upcoming uptrend move.
Supports
1- Green channel upper band: around 19000; This channel has been active since 1 Dec 2020. Currently, I'm expecting a pull back to this line before the next strike.
2- Volume Range Point of Control (POC): around 18300; Volume range properly depicts the volume traded in each price. POC is the price where maximum volume in the selected period has been traded which also act as a very strong support. As you can see, the POC coincides with the green channel mid-line. Volume range has been drawn for the period of 17 Oct 2020 - Present.
3- Red channel lower band: around 17800
4- EMA 50 and MA50: around 16800
5- EMA 100 and purple channel lower band: around 13800
These prices help you better finetune your stop loss configuration.
I hope you find this helpful! Please Like and Share if it does :)