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- BTCUSDT PA Channel - Day Trade Long Setup - $80,000 Psychological?
BTCUSDT PA Channel - Day Trade Long Setup - $80,000 Psychological?
Price action has been consolidating on the lower timeframe at an area of confluence, that is the .618 Fibonacci, VWAP S/R Support and the Channel Dynamic S/R Support.
Today’s report will include:
BTCUSDT Updated Technical Analysis
Market developments
Trading Tools
Trading Psychology
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In todays analysis -BTCUSDT - trading in a local channel, it is currently approaching channel support where a bounce is probable.
Points to consider ✍️
Price Action Channel
VWAP S/R Support
.618 Fibonacci Support
$80,000 Psychological
Blue Sky Break-out zone
Price action has been consolidating on the lower timeframe at an area of confluence, that is the .618 Fibonacci, VWAP S/R Support and the Channel Dynamic S/R Support.
An influx in bullish volume around this area will signify the presence of bulls, defending support will increase the probability of a rotation to channel high - $80,000 Psychological.
Overall, in from Bitcoin Insider’s perspective, BTCUSDT is a valid long with defined risk, price action is to be used upon discretion/management. ✍️
Hope this analysis helps.
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