BTCUSDT in an undecisive area
Hey everyone, today we are taking a look at the 1h chart for BTCUSDT.
First thing we can establish, pretty obvious now is that the recent price rejections gave us a local top heavily guarded at the 51.500 area , a lot of sell orders are currently placed at those levels and the bullish momentum isn't there to compensate and overcome this barrier.
The local formation is a falling wedge that is opening and the bottom part of this wedge is pointing straight to the volume point of confluence that is also accompanied by the top of the previous channel.
If the pattern continues to play out as expected we can find the price retrace to 48000 levels where we have some local support. If the local support fails we will be playing in the bigger pattern with the support at the 43k level.
Another possibility which is more bearish is that if we DO reject at the POC and we manage to drive up the price a bit AND we lose momentum along the way we would form a H&S pattern that will most probably drive us to the 43k support area. So We have quite a bit of chances to get to that level in then end.
First thing we can establish, pretty obvious now is that the recent price rejections gave us a local top heavily guarded at the 51.500 area , a lot of sell orders are currently placed at those levels and the bullish momentum isn't there to compensate and overcome this barrier.
The local formation is a falling wedge that is opening and the bottom part of this wedge is pointing straight to the volume point of confluence that is also accompanied by the top of the previous channel.
If the pattern continues to play out as expected we can find the price retrace to 48000 levels where we have some local support. If the local support fails we will be playing in the bigger pattern with the support at the 43k level.
Another possibility which is more bearish is that if we DO reject at the POC and we manage to drive up the price a bit AND we lose momentum along the way we would form a H&S pattern that will most probably drive us to the 43k support area. So We have quite a bit of chances to get to that level in then end.
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