The latest upward move of
BTCUSDT
is not that strong as it may seem. Even though the volume was picking up during the breakout from the area of $10,600, the later movement was accompanied by the decreasing volume.
The price is currently entering the resistance area. And comparing the previous downward movement (from 12,000$ to 9,800$) with the current increase in price, it can be seen that the buyers do not show much interest in the asset at this particular price.
Trading Plan:
1) The price may increase slightly towards the area of $11,200. If this increase will be accompanied by the divergence on the RSI, this will confirm the reversal.
2) After that, the price may be stuck in the horizontal channel for some time time. The volume profile will show if this will be an accumulation or re-distribution channel.
3) There is a higher probability that after the horizontal movement of the price will go towards the area of $10,300
Best of luck with your trading!
BTCUSDT
is not that strong as it may seem. Even though the volume was picking up during the breakout from the area of $10,600, the later movement was accompanied by the decreasing volume. The price is currently entering the resistance area. And comparing the previous downward movement (from 12,000$ to 9,800$) with the current increase in price, it can be seen that the buyers do not show much interest in the asset at this particular price.
Trading Plan:
1) The price may increase slightly towards the area of $11,200. If this increase will be accompanied by the divergence on the RSI, this will confirm the reversal.
2) After that, the price may be stuck in the horizontal channel for some time time. The volume profile will show if this will be an accumulation or re-distribution channel.
3) There is a higher probability that after the horizontal movement of the price will go towards the area of $10,300
Best of luck with your trading!
