Hi everyone,
In my last post, I talked about the way BTCUSDT will pull back in an aggressive manner, which it did (link down below).
Right now, we are resting on previous short-term highs which I explained in my last post too that we might be in a potential buy area. However, looking at how price treats this level, I think we might see some new lows after a short-term pullback to the upside.
First, we crossed the 0.618 Fib level, and we almost touched the 0.786 level, which is touched when the trend is weakening.
Second, the price is consolidating at this level which usually means a breakout to the downside.
The only factor that shows a small short-term upward momentum is the structure of the price where it took the liquidity below the last low formed.
In conclusion, I think we might be forming a sort of pattern or consolidation on a higher time frame because, as I said in my last posts, the higher time frame shows some strong bullish factors like the shift in market structure.
Please comment if you have any questions, I will try my best to answer them.
Thank you😊
In my last post, I talked about the way BTCUSDT will pull back in an aggressive manner, which it did (link down below).
Right now, we are resting on previous short-term highs which I explained in my last post too that we might be in a potential buy area. However, looking at how price treats this level, I think we might see some new lows after a short-term pullback to the upside.
First, we crossed the 0.618 Fib level, and we almost touched the 0.786 level, which is touched when the trend is weakening.
Second, the price is consolidating at this level which usually means a breakout to the downside.
The only factor that shows a small short-term upward momentum is the structure of the price where it took the liquidity below the last low formed.
In conclusion, I think we might be forming a sort of pattern or consolidation on a higher time frame because, as I said in my last posts, the higher time frame shows some strong bullish factors like the shift in market structure.
Please comment if you have any questions, I will try my best to answer them.
Thank you😊
