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BTC /USDT UPDATE !
As we can see from the chart mentioned above, BTC broke above the upper trend line of this triangle pattern, and a retest Is likely in the upcoming...
Historical analysis shows that , as and when we double top with low volume we fall bad
See Iteration 1 and 2 we doubled top and fall bad
This iteration is bit different , we are near double top, BUT we have a heavy volume candle , which was missing earlier
Probably what I am looking at is
1- To remain bullish BTC has to break all the fuss with another volume...
$BTC Testing $19,003 support as i told you yesterday. $19,535 area resisting as usual. If breaks current support $18,529 support will come in effect as yesterday's 1D close was bearish pin bar. Continue watching given support and resistance area.
Reasons to short BTCUSDT -->
1) Downtrend's pullback, build up of bearish flag pattern
2) Multiple resistance to clear
3) bounce from resistance with no clear signs of follow up buying
Reasons to long BTCUSDT -->
1) Price showed bounce from support with morning star doji in 4H timeframe
if you are willing to short wait for confirmations like:
--> candle close...
Fundamental Development:- Billionaire Elon Musk and Dogecoin (DOGE) co-founder Jackson Palmer are locked in battle on social media over Palmer’s claim that he could remove Twitter bots with a simple Python script.Australian Palmer said in an interview that his script was capable of automatically tweeting replies to scam tweets as a way of indicating that users...
BTC formed the Head and Shoulders pattern.
OBV has not crossed above the right shoulder level yet, which says that its not invalidated yet.
BTC made a rounded top afterwards. If BTC crosses the 46 level, It invalidates both the patterns.
After a Sudden Drop due to several FUD, BTC is Consolidating under a major trend line and forming a Pennant.
M pattern already formed.
considering that .. Will it be a Bearish Pennant. or BTC will Bounce back ..
BTC will decide its path soon..
Let's wait for a clear breakout.
DYOR.
After breaking the trend line, it got a resistance from 46k level which is also a 38% fib retracement area. If we are breaking 40500 level, we may retest the trend line which is 34500-35000 level. it will be invalid if we get a closing above 47k.
