BTCUSDT looking very good

2021年2月17日

Weekly is looking extremely strong, the candle had just a small wick to the lowside indicating that there is still the demand and buy pressure from the bulls.
Hypotesis : If we were to plot the same candle as last week (and this happens after a breakout) we could project our gains for this week to about 59k. The weekly volume holds and CAN help continuation.


Moving back to the 4h chart we have more information on the current formation . We have just closed above the previous ascending channel, this is good news for our bullish assumption. However, as we have been used the last weeks we can expect a retest of the top of the channel, that retest can also be a good entry for a simple position.

In this zoomed out 4h chart we can see that the weekly projection from the previous candle fits well with the fibonacci levels, ending somewhere below the .618 level.

Some resistance levels that should be noted- these levels hold high amounts of orders in the combined orderbook:
- 51.500
- 51.600
- 52.000