Today’s analysis – BTCUSDT- trading out of its , a confirmed break will lead into the Daily S/R
Points to consider,
- Price Action Impulsive
- Daily S/R Resistance
- Swing High
BTCUSDT’s immediate price action is trading towards a key Daily S/R where a 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 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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