BTCUSDT update with Falling Wedge & Key Liquidity Grab Zones

Aug 16, 2023

Let take a closer look at BTCUSDT, the recent price action reveals a potential falling wedge with price Currently, been maneuvering within a distinct wedge.

Before any potential breakout from the wedge, there's an expectation for the price to test the POTENTIAL LIQUIDITY GRAB ZONE.

A clear representation of this breakout pattern is visible on the chart. Upon a successful breakout from the wedge, our primary target resides at the significant resistance area around the $31,000 mark. This zone represents a key liquidity region.


It's pivotal to remain vigilant once we approach the $31,000 LGZ. Will the price shatter this barrier, or will we witness a rejection? A rejection from this zone could signal a substantial downturn.

If BTCUSDT faces rejection from the LGZ around the $31,000 mark, we might be poised for a sharp drop. Such a move could guide us directly to the LGZ of a major support region.


As with all trading scenarios, waiting for confirmations through price action is essential. This analysis provides a roadmap of potential moves, but the market's true direction will always be dictated by a myriad of factors. Trade safely, and always employ risk management techniques.

Let's watch how the BTCUSDT drama unfolds in the coming days.

Thanks

Aug 17, 2023

Trade active

Dec 3, 2023

Trade closed: target reached