CoinAndCrypto

BTCUSDT - Ascending Channel or Correct to $4700

BINANCE:BTCUSDT   Bitcoin / TetherUS
For the last week BTCUSDT has stayed more or less calm inside of its ascending channel on track to reach $5600. It has had one pullback that fell just outside the bounds of this channel before quickly rebounding back.
We expect one of two scenarios to happen in the immediate future:

1. BTCUSDT will retest its previous high of $5422 and be rejected, hover near this resistance for a while before pushing through.
2. BTCUSDT will lose steam around the middle of it's channel (about $5350) and make a lower low to 4700 - 4800 complete an ABC correction before it's 5th wave upwards.

We recommend setting buys around the 4700 - 4800 in case scenario 2 ends up occurring.

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