Hello Traders, Welcome back to another exciting Bitcoin (BTC USDT) technical analysis update. Today we will be doing an analysis of Bitcoin and showing you the key levels where you can make your decisions and trading charts as mine.
As discussed in the last update about the BTC USDT, it is on the same confluence of pulling back for a retracement. The Key prices are mentioned below.
Support and Resistance Levels
Support
30420.00
Resistance
38150.00
Fibonacci Retracement Levels
0.382
33246.44
0.50
31680.11
0.618
29948.90
0.786
27805.50
0.882
26568.92
Supply Zone
Zone Number
High
Low
First Zone
48167.80
44293.19
Second Zone
68942.29
62264.78
Demand Zone
Zone Number
High
Low
First Zone
27970.37
26568.92
Fair Value Gaps / Imbalances
Gap Number
High
Low
Bullish Gap
34008.42
30420.00
Bullish Gap
29874.87
28037.74
Daily Timeframe
Waheed’s Analysis
On the daily timeframe I am very uncomfortable with how the liquidity is being added to the price of the BTC USDT. I am waiting for a pull back rather than getting into the market after knowing Bitcoin wants to pullback.
Support and Resistance Levels
Support
30420.00
Resistance
37899.92
Fibonacci Retracement Levels
0.382
33862.21
0.50
32467.75
0.618
31094.09
0.786
29096.05
0.882
27930.53
Supply Zone
Zone Number
High
Low
First Zone
40011.86
37704.89
Second Zone
47121.10
45284.94
Third Zone
52089.24
50427.45
Fourth Zone
59211.23
55808.50
Sixth Zone
66462.44
63299.89
Demand Zone
Zone Number
High
Low
First Zone
28991.99
28076.22
Second Zone
27285.33
26556.88
Fair Value Gaps / Imbalances
Gap Number
High
Low
Bullish Gap
32863.19
30240.76
Bullish Gap
29491.50
28908.74
Bullish Gap
28055.41
27285.33
4 Hour Timeframe
Waheed’s Analysis
In the 4 hour timeframe Bitcoin is range bound and it has already taken out the liquidity from the upside as you can see on the chart. I am waiting for a pullback to at least 0.618 and 0.786, then I will reevaluate my thesis and start thinking about going long Bitcoin. For now I am waiting for the pullback.
Support and Resistance Levels
Support
36794.83
Resistance
37973.46
Fibonacci Retracement Levels
0.382
37353.13
0.50
37022.28
0.618
36701.78
0.786
36215.85
0.882
35947.04
Supply Zone
Zone Number
High
Low
First Zone
37818.37
37652.95
Demand Zone
Zone Number
High
Low
First Zone
36660.42
36246.87
Fair Value Gaps / Imbalances
Gap Number
High
Low
Bullish FVG Gap
36872.99
36649.92
1 Hour Timeframe
Waheed’s Analysis
As a day trader it is very clear for me to trade the range itself, as discussed in the last update about the 1 hour analysis it is on the same area from yesterday. I took a short on the top when it closed the candle inside the range and now I am in a long small size position for the break to the upside if that happens.
If the mid range gets broken then BTC USDT is aiming for the liquidity grab to the range lows, so be careful and be patient and wait for the right moment to get into any position.