What's up, traders! In today's market breakdown, we're mapping out our latest levels to watch for on the BTC 30m chart.
Let's dive right in...
Ticker: BTCUSDT
Date: 05/23/23
Supply: 28,120-28,320 (red zone)
Key zone: 27,415-27,600 (grey zone)
Demand: 26,360-26,615 (1st green zone), 25,790-,26060 (2nd green zone)
Commentary:
BTCUSDT has been trading in a range between this key zone and demand for more than 10 days now and can't seem to break out of this range. We can target a lot of plays on both sides as long as these levels are respected.
Currently it seems to be respecting this 26,360-26,615 demand again. There are a few trades we could target from here:
✅ Bullish Scenario 1: you want to see price pull back into the 1st demand zone ~26,360-26,615 and buyers to emerge again for an upside move, possibly into ~27,415-27,600 key zone or higher into supply at ~28,120-28,320. This is the safer upside play.
✅ Bullish Scenario 2: you want to see price break above ~27,415-27,600key (grey) zone, pull back to retest this zone and turn it into demand to catch a break and retest for a further upside move, potentially into supply at ~28,120-28,320.
✅ Bullish Scenario 3: you want to see price break 1st demand zone and retest 2nd demand zone at ~25,790-,26060, find strength again, and possibly catch a break and retest of this demand zone for a move back into 1st demand zone at ~26,360-26,615 or key zone at ~27,415-27,600.
🟥 Bearish Scenario 1: you want to see price approach this key (grey) zone at ~27,415-27,600, sellers to regain control as they have done through the last 10 days, and possibly catch a downside play, possibly into demand at ~26,360-26,615 again. This will be the safer downside play.
🟥 Bearish Scenario 2: you want to see price approach supply at ~28,120-28,320, show weakness, possibly retest this zone and reject again for a move down into the grey zone or further down into demand.
🟥 Bearish Scenario 3: you want to see price break below demand at ~26,360-26,615, pull back up to retest and turn this zone into supply for further downside. There is a demand zone at ~25,790-,26060 so be cautious of that in this scenario.
That's all we got for you in this one.
So what do you think? Are you bullish or bearish on BTC?
Let us know in the comments below!
We'll see you in the next one.
-The AlgoBuddy Team
Let's dive right in...
Ticker: BTCUSDT
Date: 05/23/23
Supply: 28,120-28,320 (red zone)
Key zone: 27,415-27,600 (grey zone)
Demand: 26,360-26,615 (1st green zone), 25,790-,26060 (2nd green zone)
Commentary:
BTCUSDT has been trading in a range between this key zone and demand for more than 10 days now and can't seem to break out of this range. We can target a lot of plays on both sides as long as these levels are respected.
Currently it seems to be respecting this 26,360-26,615 demand again. There are a few trades we could target from here:
✅ Bullish Scenario 1: you want to see price pull back into the 1st demand zone ~26,360-26,615 and buyers to emerge again for an upside move, possibly into ~27,415-27,600 key zone or higher into supply at ~28,120-28,320. This is the safer upside play.
✅ Bullish Scenario 2: you want to see price break above ~27,415-27,600key (grey) zone, pull back to retest this zone and turn it into demand to catch a break and retest for a further upside move, potentially into supply at ~28,120-28,320.
✅ Bullish Scenario 3: you want to see price break 1st demand zone and retest 2nd demand zone at ~25,790-,26060, find strength again, and possibly catch a break and retest of this demand zone for a move back into 1st demand zone at ~26,360-26,615 or key zone at ~27,415-27,600.
🟥 Bearish Scenario 1: you want to see price approach this key (grey) zone at ~27,415-27,600, sellers to regain control as they have done through the last 10 days, and possibly catch a downside play, possibly into demand at ~26,360-26,615 again. This will be the safer downside play.
🟥 Bearish Scenario 2: you want to see price approach supply at ~28,120-28,320, show weakness, possibly retest this zone and reject again for a move down into the grey zone or further down into demand.
🟥 Bearish Scenario 3: you want to see price break below demand at ~26,360-26,615, pull back up to retest and turn this zone into supply for further downside. There is a demand zone at ~25,790-,26060 so be cautious of that in this scenario.
That's all we got for you in this one.
So what do you think? Are you bullish or bearish on BTC?
Let us know in the comments below!
We'll see you in the next one.
-The AlgoBuddy Team
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