BTCUSDT is creating an inverse head and shoulders
BTCUSDT: The price got a rejection from the weekly resistance on the 46k as I said on the previous analysis. On the daily timeframe (the upper one) the price is creating an inverse head and shoulders and its neckline is the 46k key level.
On the 4h timeframe (the lower one) we can see a Pennant pattern, and the price is testing the static support on 0.5 - 0.618 Fibonacci level.
Usually, when the price is in the accumulation phase below an important structure we will see a new breakout.
How to approach?
We are monitoring the market and will wait for a reaction on the 0.618 Fibonacci level (43k). we could see a deep retracement until the lower trendline. If the price is going to lose the dynamic support the next valid support is 40k.
IF the price is going to have a breakout from the pennant and a CLEAR breakout from 46k, According to Plancton's strategy, we can set a nice order
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Keep in mind.
Follow the Shrimp 🦐
On the 4h timeframe (the lower one) we can see a Pennant pattern, and the price is testing the static support on 0.5 - 0.618 Fibonacci level.
Usually, when the price is in the accumulation phase below an important structure we will see a new breakout.
How to approach?
We are monitoring the market and will wait for a reaction on the 0.618 Fibonacci level (43k). we could see a deep retracement until the lower trendline. If the price is going to lose the dynamic support the next valid support is 40k.
IF the price is going to have a breakout from the pennant and a CLEAR breakout from 46k, According to Plancton's strategy, we can set a nice order
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Follow the Shrimp 🦐
The price is testing the 0.786 Fibonacci level after a rejection from the dynamic resistance. We could see a retest of the dynamic support around 42k