BTCUSDT Price $13,000, Channel Resistance| .786 Fibonacci| Trend

24 Jan 2023

Evening Traders,

Today’s analysis – BTCUSDT- trading at a clear resistance level where a rejection is plausible,

Poiints to consider,
- Price action impulsive
- Channel high resistance
- Key swing high liquidity
- Rotation lower

BTCUSDT’s immediate price action is trading at a key inflection point that is in confluence with the channel high, liquidity point and the .786 Fibaoncci, this allows for a bearish bias.

The immediate objective is the channel mid, exceeding this point will accelerate price action towards the lower support.

Overall, in my opinion, BTCUSDT is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps,

Thank you for following my work

And remember,

“Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached... always keeping your eyes on the long-term picture.”
― Yvan Byeajee