BTCUSDT Dynamic Resistance|Bullish Divergence|.618 Fib|PA

Evening traders,

Today’s Analysis – BTCUSDT- a probable swing trade, signs of a short term bullish bias as price shows strength, breaking dynamic resistance is a long.

Points to consider,
- PA Demand (.618 Fibonacci Level)
- Dynamic resistance/support converging (Apex)
- 21 MA visual guide
- Oscillators diverging
- Volume below average

BTCUSDT’s price action shows that there is demand below key Fibonacci levels, mainly the .618 level.

This gives us a short term bullish bias on the market as price action shows strength.

The Dynamic resistance and supports are converging; price will have to break out of its apex sometime before 18th July.

The 21 MA can be used as a visual guide for when the breakout occurs, price is likely to trend of it.

Oscillators are both diverging from price; this shows immediate strength in the market, remaining above the 50 level is bullish.

Volume needs to increase upon a breakout, this will help dictate the strength off the move and avoid fake outs.

Overall, in my opinion, BTCUSDT will have a volatile move from its apex. A break of the key dynamic resistance allows for a valid long with defined risk. Any moves are to be backed with increasing volume to avoid fake outs.

What are your thoughts?

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And remember,

“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
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