BTCUSDT local corection, bulls still strong

4 feb 2021

Looking on the 4h timeframe we have had a mild correction compared to what we are used to , that correction has spiked in a low MA on the hourly , meaning that the big traders were not involved in this one, the volume that came with this drop was also small , further strengthening this assumption.

What next?

Currently struggling on the local resistance at around $37100 , if validated with a close and continuation, the price action can head for the 39K level.
On the low side we have the legendary trendline at $35.600 acting as support and if that is broken , though we would need more volume to do so , we would head to the upper side of the previous channel most likely breaking it to the downside, however no signs for that yet.

The fractal

I rarely use fractals , but when i do i make sure it checks with the current situation , and it usually works out. In this case the projected fractal clearely respects the fib levels which is no wonder as the fib retracement is projected, but can give us a glimpse of the future if no major bearish news appear


On the Sublime Wave side, we can see that we are on the top side and the waves try to open towards the lower side. I personally seen this formation before and it is not a clear sign of downside, it can turn at any moment, therefore i am not considering this as a clear signal .

Furthermore , the Weekly chart is looking great , a retest of ATH is highly plausible in the current context.