BTCUSDT probably heading for next 4h support zone

Feb 21, 2023

Price breaking the 4h support 1 zone. This opens the way for downward movement to the next 1h support and then 4h support 2 zone. The path how I expect the price to move has been depicted on the chart.

Feb 21, 2023

Note

So we have completed the steps S1, L2, S3 and L4 as marked on the chart below. New path has been drawn on the chart which the price action has taken and can be seen along with the original path drawn also in the original post (though without name of the steps in the path). The last bounce depicted in L4 went a bit further than expected but that is fine. I will reevaluate the price action further to update this idea if there is any change in the price action path posted.

Feb 21, 2023

Note

So as expected the bounce from 1h support zone was rejected by the 4h support 1 area which is now acting as a resistance. Now the price has retraced again back to the 1h support area marked on the chart. There might be small bounce once again from here but quickly it will come back and hit this support only to break it this time. Then the price will head towards 4h support 2 zone.

Feb 21, 2023

Note

Just to update that as mentioned in the first comment, step S1, L2, S3 and L4 were completed. The current drop is the step S5 as marked on the chart in first comment or here. This step breaches the support and price starts trading under the 1h support zone.

Feb 22, 2023

Note

The price has almost hit the 4h support 2 zone twice. Both the times there has been good bounce to the next 1h support turned resistance zone. And the price is pushed back again to the 4h support 2 zone. The price is currently aiming again towards the 4h support 2 zone.

Feb 22, 2023

Note

The target is met. After shying away from the 4h support 2 zone for a while (coming quite close to it and bounced without hitting it), the price has finally hit the low end of that support zone. There is some bounce definitely expected there but to say something concretely a revaluation would be necessary. For now, lets close this idea and lets talk about future price action probability in a new separate post.

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