Bitcoin / TetherUSDiupdate BTCUSDT needs more liquidity?
BTCUSDT is exhibiting an interesting pattern known as a descending channel. This channel is formed by two parallel trend lines, with the upper trend line acting as a resistance level and the lower trend line serving as a support level.
The descending channel suggests a bearish trend in the market, as the price consistently forms lower highs and lower lows within the channel. The upper trend line acts as a significant barrier that has prevented the price from moving higher, while the lower trend line provides support and limits the downward movement.
Currently, the price of BTCUSDT is testing the weekly resistance level within the descending channel. This resistance level has proved to be a crucial zone where market participants are actively evaluating the price action. If the price manages to break above the resistance at 31k, it could indicate a potential liquidity grab and a shift in market sentiment.
According to Plancton's Rules, a new trading opportunity may arise if BTCUSDT successfully breaks above the 31k resistance level. In such a scenario, traders following Plancton's Rules might consider opening long positions, speculating that the price could experience further upward movement. The target for the long position could be set around 33k, which represents the next significant resistance level.
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Follow the Shrimp 🦐
Keep in mind.
The descending channel suggests a bearish trend in the market, as the price consistently forms lower highs and lower lows within the channel. The upper trend line acts as a significant barrier that has prevented the price from moving higher, while the lower trend line provides support and limits the downward movement.
Currently, the price of BTCUSDT is testing the weekly resistance level within the descending channel. This resistance level has proved to be a crucial zone where market participants are actively evaluating the price action. If the price manages to break above the resistance at 31k, it could indicate a potential liquidity grab and a shift in market sentiment.
According to Plancton's Rules, a new trading opportunity may arise if BTCUSDT successfully breaks above the 31k resistance level. In such a scenario, traders following Plancton's Rules might consider opening long positions, speculating that the price could experience further upward movement. The target for the long position could be set around 33k, which represents the next significant resistance level.
–––––
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.
Catatan
Waiting for the breakoutCatatan
waiting for the breakout
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