BTCUSDT is testing the daily demand zone, which is a significant support level for the pair.
Traders and investors are now waiting for the 4-hour timeframe to flip and retest the previous resistance as new support, according to Plancton’s rules. This could indicate a potential long pullback until the 23600 area.
If the price does break above the previous resistance level and holds as new support, this could indicate a bullish trend for the cryptocurrency pair. However, if the price fails to hold as support and falls below the demand zone, this could indicate a short-term downtrend.
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Follow the Shrimp 🦐
Keep in mind.
Traders and investors are now waiting for the 4-hour timeframe to flip and retest the previous resistance as new support, according to Plancton’s rules. This could indicate a potential long pullback until the 23600 area.
If the price does break above the previous resistance level and holds as new support, this could indicate a bullish trend for the cryptocurrency pair. However, if the price fails to hold as support and falls below the demand zone, this could indicate a short-term downtrend.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Comment:
Still testing, waiting for a possible pullback
