Current Structure/Trend - From the BTCUSDT chart it could be easily perceived that the market is currently recovering with an uptrend of low momentum/volatility after the fall from ($7370) on the 5th to a level below ($6168) the depicted support ($6213.83). The 50-EMA is also changing direction.
Hypothesis - With the use of the Fib. Retracement tool on the 2-hour chart, it is seen that the market has currently recovered to the first level(23.6%) and is currently range trading above the depicted support. Having seen that it has previously broken the 23.6% level, a bullish reversal could be in view to at least the next Fib level which is slightly close to the strong 200-EMA and depicted resistance at $6561.91 which could be used as a TP level. It would be advised to buy just below the first fib level in case of a slight reversal. Noted trading point are as follows:
Targets, Stops/Exits -
Entry: $6381.36209451
S/L: $6334.31543668
T/P: $6556.7178191
Confirmation/Tell: Given the previous depicted Support/Resistance levels, It's seen that prices reacted to these levels. This ideas is based on S/R, Fib Retracement, Moving Averages.
Hypothesis - With the use of the Fib. Retracement tool on the 2-hour chart, it is seen that the market has currently recovered to the first level(23.6%) and is currently range trading above the depicted support. Having seen that it has previously broken the 23.6% level, a bullish reversal could be in view to at least the next Fib level which is slightly close to the strong 200-EMA and depicted resistance at $6561.91 which could be used as a TP level. It would be advised to buy just below the first fib level in case of a slight reversal. Noted trading point are as follows:
Targets, Stops/Exits -
Entry: $6381.36209451
S/L: $6334.31543668
T/P: $6556.7178191
Confirmation/Tell: Given the previous depicted Support/Resistance levels, It's seen that prices reacted to these levels. This ideas is based on S/R, Fib Retracement, Moving Averages.