Here we have BTC/USDT on the 1H chart.
BTC/USDT has been trading the downside considerably today after peaking at the horizontal at 11600. It looks like the correction is over for now and the correction appears to have ended at 10260.
Price is due for some upside. Price has been trading between the upper horizontal at 11700 and 10260 for a considerable period of time. There is a side-wards support which I have illustrated on the chart which perfectly coincides with the horizontal support at 10260 so this could prove to be a good opportunity to buy.
I am expecting Bitcoin to have an up move to the horizontal target zone at 11600. Breaking out of the down trend Bitcoin has been in for a long time.
This trade could play out in 2 ways, I have outlined them below:
-Price successfully tests the horizontal support at 10260, and simultaneously tests the side-wards support line simultaneously and then goes to the upside. Since there is a side-ward and horizontal in play, this makes the level harder to break, and could prove a nice level for price to finally start getting upside, to the upside to 11600.
-Price retests the at 10260, and the side-wards support line then bounces. The bounce could not have much momentum behind it,
and could result in either: A ; or an outright failure to the downside.
Bare in mind, that a retest of the lower support at 10260 whist touching the side-wards support line is very beneficial for this trade, as it shows the support is strong and has been acknowledged by multiple traders.
Also bare in mind if price fails at this support. This could be a serious, serious problem for Bitcoin .
I will updating this analysis if it receives more than 40 likes.
It looks as though Bitcoin is having another fight with the markets. Hoping to see the upwards pressure over the weekend. :)
I am not quite sure. I'll update it soon in a new idea.