late night thoughts,
BTCUSDT Perpetual Contract BYBIT:BTCUSDT
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take a peak at this weekly channel:
notice all of the points of confluence, and pay attention to how the previous levels of support have turned into resistance levels.
now that Bitcoin has successfully fallen out of the weekly channel,
the lower portion of it has in theory now become a significant level of resistance.
order books are stacked to the brim with sell orders all around that little red line.
there’s a really good chance bitcoin continues to consolidate for awhile before it tests it drops lower.
keep an eye on the line, it is an important one.
