BTC/USDT 1H Chart Update: Critical Levels to Watch in the Ascending Channel
Instrument: BTC/USDT
Time Frame: 1H
Exchange: PHEMEX
Trading Type: Day&Swing-Trading
BTC/USDT 1H Chart Update – October 18, 2024
Bitcoin is forming a clean channel pattern (same channeling as my previous post), and I believe we’re approaching a critical moment, so here’s an important update.
I'll keep this short and to the point: the retest line for bearish flow refers to a key level where, if the current ascending channel is broken downward and this line is tested, it could trigger a sustained bearish trend. This is a crucial area to watch.
The area marked as equal high liquidity is an essential level that needs to be broken upwards and successfully retested to maintain the current ascending channel. It’s a significant resistance level that must hold for the bullish structure to continue.
Make sure to integrate this chart setup and keep a close watch on these zones. The second image is zoomed out to provide better context on why these levels are important.
Have a great day!