BTCUSDT Long
After we breached the green line we are in buyers market until we breach and hold below this green ray we are in the seller’s market on the Daily. As price reached the important breach region and left us a clue that I am done with the selling and lets the buyers join the game and I will again sell from the orange ray. We are working with a channel on the Daily Time Frame. This is a clear-cut channel showing that after 20000 USDT prices didn’t make an HH and when price retraces it made it to the recent resistance i.e near 17000 USD showing LH and LL sequence and also telling us that strength of BTC is weakening and thus selling happened. Price reached the bottom of the channel and importance breach area on the daily. As we are working with the 4th touch of the channel we can expect that price can retrace to the top of the channel. But buying is not yet started. It is confirmed only when price breach and stay above the gray ray and then we can expect buyers to join the game till the orange Ray. Orange ray would be the immediate target. But on a long-term perspective buying is not yet confirmed as we are seeing a clear LL and LH sequence which is a sign of downtrend and weakening downtrend. I wanted to see the price action near the orange ray and then wanted to decide the momentum of the market. I hope BTC is strengthening.
After we breached the green line we are in buyers market until we breach and hold below this green ray we are in the seller’s market on the Daily. As price reached the important breach region and left us a clue that I am done with the selling and lets the buyers join the game and I will again sell from the orange ray. We are working with a channel on the Daily Time Frame. This is a clear-cut channel showing that after 20000 USDT prices didn’t make an HH and when price retraces it made it to the recent resistance i.e near 17000 USD showing LH and LL sequence and also telling us that strength of BTC is weakening and thus selling happened. Price reached the bottom of the channel and importance breach area on the daily. As we are working with the 4th touch of the channel we can expect that price can retrace to the top of the channel. But buying is not yet started. It is confirmed only when price breach and stay above the gray ray and then we can expect buyers to join the game till the orange Ray. Orange ray would be the immediate target. But on a long-term perspective buying is not yet confirmed as we are seeing a clear LL and LH sequence which is a sign of downtrend and weakening downtrend. I wanted to see the price action near the orange ray and then wanted to decide the momentum of the market. I hope BTC is strengthening.