Hello Traders and welcome back another technical analysis of BTC USDT. As discussed in the last updates, Bitcoin is still ranging in the same areas mentioned on the last updates.
Here is the latest updates for 4 hour timeframe and 1 hour timeframe, Since there has nothing happened on Daily and Weekly timeframes, you can still use them as your guide for this week until any key level is not broken.
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
No Supply has formed yet
Demand Zone
Zone Number
High
Low
First Zone
37348.57
36866.61
Fair Value Gaps / Imbalances
Gap Number
High
Low
Bullish FVG Gap
37664.14
37268.24
1 Hour Timeframe
Waheed’s Analysis
In the 1 hour timeframe there are two key levels to watch one is 38449.45 which is the last high made by BTC USDT and second is 37675.47 which is low made by the BTC USDT. Either one of them breaks, I will trade it accordingly.
I have been long as discussed in the last update. And key levels are mentioned below.