BTCUSDT accumulating for big move upto 29336

The price is consolidating around the daily support. The price tapped that liquidity zone thrice and still trading above it. This is indeed an accumulcation for a upward move. The volume is low and still price not able to move down. This clearly indicates that it is accumulation and the price is due to move up. I think soon we will continuation of upward move which will last longer than any occassional spurt to the upside we have seen recently. So I see a long to be favorable for a long term position from this level. For short term trade, the idea is to aim for the daily resistance WR1 around 29336.

Trade geschlossen: Ziel wurde erreicht:

The price has finally reached our target of this swing long trade. Although it took a while to reach to the target, but eventually the price made it to the target making our swing long trade a profitable one. The price breached through the weekly resistance and our target 29336 and then got pushed down. Currently it is trading below the weekly resistance. We will look at the next swing opportunity in a next post.