BTCUSDT| Descending Channel| Daily S/R| Swing High| Price Action

BYBIT:BTCUSDT   BTCUSDT Perpetual Contract
Evening Traders,

Today’s analysis – BTCUSDT- trading out of its Descending Channel , a confirmed break will lead into the Daily S/R

Points to consider,
- Price Action Impulsive
- Daily S/R Resistance
(.50 Fibonacci Confluence )
- Declining Volume
- Swing High

BTCUSDT’s immediate price action is trading towards a key Daily S/R where a bearish retest is probable, giving us a cautious bias.

The Daily S/R is in technical confluence with the .50 Fibonacci and the local OB, breaking this area with conviction will greatly increase the probability of a trend continuation.

The current volume profile is on a decline, an influx is highly probable when testing key trade locations.

Overall, in my opinion, BTCUSDT is a valid short based of a reaction at the Daily S/R, price action is to be used upon discretion/ management.

Hope this analysis helps

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Good idea
+1 Reply
AzizKhanZamani Alien_anderson
@Alien_anderson thank you 🙏
Accurate chart
+1 Reply
AzizKhanZamani ProjectSyndicate
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