BTCUSDT is inside an ascending channel during consolidation
Bitcoin had a false breakout from the ascending channel at 18200$ area.
The market grabbed new liquidity and creates a new breakout from the old low and channel.
the price bounced from the new low until the 0.618 Fibonacci level, that level is crucial for the retracement.
Thus the price started with the consolidation phase with a clear range, where the price created the ascending channel inside it and the market printed HH (higher High) and HL (Higher Low).
Usually, it's an uptrend pattern.
on the 17400$, Bitcoin has the supply area, where the market grabbed the liquidity to create a new breakout and new Low, for that reason we sign it as "Key Level".
How to approach it?
The price could create a new breakout from the consolidation channel and retest again the Supply area as resistance, in that case we are going to monitor it in order to apply Plancton's Rules
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Follow the Shrimp 🦐
Keep in mind.
The market grabbed new liquidity and creates a new breakout from the old low and channel.
the price bounced from the new low until the 0.618 Fibonacci level, that level is crucial for the retracement.
Thus the price started with the consolidation phase with a clear range, where the price created the ascending channel inside it and the market printed HH (higher High) and HL (Higher Low).
Usually, it's an uptrend pattern.
on the 17400$, Bitcoin has the supply area, where the market grabbed the liquidity to create a new breakout and new Low, for that reason we sign it as "Key Level".
How to approach it?
The price could create a new breakout from the consolidation channel and retest again the Supply area as resistance, in that case we are going to monitor it in order to apply Plancton's Rules
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Kommentar:
It's the key level.