BTCUSDT 23150 Update August 05 2022 "Through The Wedges #2"
BTCUSDT bears are holding the resistance area at the 3D 21ema 23-24k.
However, the 3D macd is currently positive making it difficult for bears to drop the price substantially below the 17.5k support.
Additionally, there is a // channel forming, which has a support at **17.5-16.2k** or near the 50% pull back
Therefore, will be cautious if price retest the 17.5-16.2 region as bulls could reverse the price back up to 23-24k area and form another flat correction (Double bottom Double top)
For the upper level resistance, bears will need to be patient while accumulating shorts as the next pivot resistance could be around the *28.8k* or the *W21ema* whichever one comes first.
But since the macro directional trend is still down, would avoid FOMO if bulls take a cheap shot above the 3D21ema.
However, the 3D macd is currently positive making it difficult for bears to drop the price substantially below the 17.5k support.
Additionally, there is a // channel forming, which has a support at **17.5-16.2k** or near the 50% pull back
Therefore, will be cautious if price retest the 17.5-16.2 region as bulls could reverse the price back up to 23-24k area and form another flat correction (Double bottom Double top)
For the upper level resistance, bears will need to be patient while accumulating shorts as the next pivot resistance could be around the *28.8k* or the *W21ema* whichever one comes first.
But since the macro directional trend is still down, would avoid FOMO if bulls take a cheap shot above the 3D21ema.
