BTCUSDT - Price Analysis Week Ending 28 May 2023
Trading flat channel 26,300 low to 27,400. Nice breakout from middle of the channel, both flat and descending.
Resistance levels
- Massive daily (3d time frame) at 27,230 and nPoc at 27,300 as well as 0.618 resistance.
- Weekly 27,572
- Point of control of visible range at 28k
Support levels
- Local support at time of writing, the vWAP at 27,080, looking at back test
- Daily (3d time frame) at 26,800 and slightly below a weekly at 26,600
Trading levels
Upside
- Looking at back testing vWAP and a nPoc at approx 27,133 to break support and take out previous highs
- Probable price move up breaking resistance could see a rejection at point of control to back test top of current flat channel
Downside
- Failing this look at support back down towards the middle of the channel
- If price breaks down further then retesting lower of the range with support of previous higher lows
Macro mini analysis for week ahead
- Bullish if the bulls can finish this week of above 27,600. Looking at retesting all previous highs, in mind a possible and very probable 5th Eliiott Wave
- Failing this could result in testing lower 0.618 at 25,400. with a macro range between 25,400 and 27,500.
Price action very choppy hence the line chart.