BTCUSDT Most awaited Breakout of falling wedge!!
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Today, I am here to analyze the BTCUSDT in 1D TF. BTCUSDT broke out of a falling wedge or triangle on 9th Jan 2023. BTCUSDT was trading inside this triangle or falling wedge since 9th May 2022 and broke it after 245 days. So, we can aspect a big upward move in the coming days after this long 245 days of downward rally and maybe this could be the expected low of BTCUSDT before a big rally. Confirmation of this breakout can be seen in this 1D chart and currently, it will find resistance at 19700 because of 200D MA which we can see from the chart. Some major Resistances are 19700, 21500, and 24500. BTCUSDT will trade between these levels of support and resistance.
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Today, I am here to analyze the BTCUSDT in 1D TF. BTCUSDT broke out of a falling wedge or triangle on 9th Jan 2023. BTCUSDT was trading inside this triangle or falling wedge since 9th May 2022 and broke it after 245 days. So, we can aspect a big upward move in the coming days after this long 245 days of downward rally and maybe this could be the expected low of BTCUSDT before a big rally. Confirmation of this breakout can be seen in this 1D chart and currently, it will find resistance at 19700 because of 200D MA which we can see from the chart. Some major Resistances are 19700, 21500, and 24500. BTCUSDT will trade between these levels of support and resistance.
We hope you enjoyed this post. Please write for any query in the comments section below!
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Comment:
We saw that BTC broke above the $21.5k resistance level and is approaching close to $24,5k. BTC will most likely surpass the $24.5k level but before that, we may see some retests between $21.5k to $24.5k. In between this range, we may possibly get an opportunity to make some scalp trade.