Evening Traders,
Today’s analysis – BTCUSDT – trading in a clear price action trade where a rotation to the lows is probable,
Points to consider,
- Price Action Impulsive
- Lower Daily Support
(Demand)
- Higher Daily Resistance
(Supply)
- POC and Range EQ Resistance
- Low Volume
BTCUSDT’s immediate price action is impulsive and is trading under a key level of resistance that has technical confluence with the POC and Range EQ, allowing for a bearish bias.
The immediate objective is testing the range low, demand area of support, holding this level is critical for a bounce.
The current volume profile is below average, an influx is highly imminent when testing a key trade location.
Overall, in my opinion, BTCUSDT is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“You’re going to learn a million things, then you need to forget them all and focus on one.” - SunriseTrader
Today’s analysis – BTCUSDT – trading in a clear price action trade where a rotation to the lows is probable,
Points to consider,
- Price Action Impulsive
- Lower Daily Support
(Demand)
- Higher Daily Resistance
(Supply)
- POC and Range EQ Resistance
- Low Volume
BTCUSDT’s immediate price action is impulsive and is trading under a key level of resistance that has technical confluence with the POC and Range EQ, allowing for a bearish bias.
The immediate objective is testing the range low, demand area of support, holding this level is critical for a bounce.
The current volume profile is below average, an influx is highly imminent when testing a key trade location.
Overall, in my opinion, BTCUSDT is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“You’re going to learn a million things, then you need to forget them all and focus on one.” - SunriseTrader