In my last post, I was explaining how we might still be bearish and how we might make a pullback to the upside for BTCUSDT.
Looking at the price, we just broke above the trendline shown above which represents the resistance for the area of consolidation. In other words, we are looking at a breakout.
Since we are retesting the higher time frame (H4) previous highs, I am really interested in the 21100 level, where we might see some consolidation. The main reason I think this would be an important level is that it is in confluence with previous H4 lows above the price we are at right now, as well as the 0.382 Fib level considering the last upward move and the 0.5 Fib level considering the last downward move.
The direction of the trend will be determined by the breakout from the next consolidation level.
@Goldenbreakout, It doesn't seem that it has a lot of volume, which makes it a really volatile asset, more than its Altcoins brothers. However, I think they all follow the same trend. In other words, if the overall market goes up, then it is likely to go up too, but not at the same level of fluctuations.
yassin_khanji
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@Goldenbreakout, Thanks for pointing out this coin, I see where the idea comes from, the chart looks good. However, I might suggest to trade leveraged tokens while taking a look at their original coins if you are interested in trading volatile markets; this is the way I trade.