BTCUSDT is creating a channel

24 May 2022

The price is testing the monthly support on 29k after the breakdown from the daily support on 31800$.

On the 4h timeframe, the price is creating a channel above the monthly support.
How to approach it?
IF the price is going to have a breakout from the monthly support and grab new liquidity from the demand zone, we can add in our watchlist for a new long position according to Plancton's rules
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Follow the Shrimp 🦐

Keep in mind.

• 🟣 Purple structure -> Monthly structure.
  
• 🔴 Red structure -> Weekly structure.
  
• 🔵 Blue structure -> Daily structure.
  
• 🟡 Yellow structure -> 4h structure.
  

26 May 2022

Not

The price is still in range and created equal lows on 29600$
The market has a liquidity zone of 27k.

Let's see if the price is going to grab the new liquidity from that zone for a reversal trade

26 May 2022

Not

The price is getting liquidity from the lower Demand zone. We will wait until the end of the day to understand if the market wants to test again the demand zone So far the price is following my drawing