BTCUSDT two key levels to watch!

BINANCE:BTCUSDT   Bitcoin / TetherUS
The price is testing the first support of the ascending change, where the price created a nice daily candle with a false breakout and hold the 40k support.
In 4h timeframe, the price is going to create a descending channel below the weekly resistance.
Now we need to monitor two levels, the weekly resistance for a long scenario and the daily 4h support for a deep retracement.

So how to approach it?
IF the price is going to have a clear breakout from the weekly resistance (above 42k ) we could see a new bullish impulse on 45k, otherwise if the price is going to lose the 40k, the next valid support is 1.13 Fibonacci Ext, 37k
Follow the Shrimp 🦐

Keep in mind.
  • 🟣 Purple structure -> Monthly structure.
  • 🔴 Red structure -> Weekly structure.
  • 🔵 Blue structure -> Daily structure.
  • 🟡 Yellow structure -> 4h structure.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.