BITCOIN → Retest 48K. Should we wait for resistance breakout?

confidently consolidates above 42K, thus forming an intermediate bottom, after which the price tests the currently important resistance 48234, but does not reach it and forms a rebound.

Idea: BTCUSD → Consolidation after the rally. What's next?

Earlier we discussed the importance of the 42K level, which was tested by the flagman for a long time and at some point, when the market calmed down after a huge burst of selling, buyers successfully consolidate above the level, thus marking it as the strongest support at the moment, forming a bottom, strengthening to 44500 with the subsequent break of resistance and growth to the global resistance. This once again proves that the coin has huge interest, excellent fundamentals and technical analysis.

Pic: Formation of intermediate resistance at 47281. The price is closing close to the level[/I]

At the moment we are interested in the resistance 47281. And we are interested in it because this level was formed earlier on D1 and was also tested. Today the price reaches this level and forms a false breakout, but the most important thing is that the daily candlestick closes very close to the level. Based on this we can assume that the consolidation distribution is not over. Buyers are strong, but after the false breakout, from a technical point of view, a pullback is needed.
The pullback could be directed towards 0.236 fibo, 45500, or 0.382 fibo.
The signal that will indicate the market's readiness to break through resistance and growth will be a pre-breakout consolidation at 47281 and whether the retest, which will be slow (slow price approach to the level).

Pic: Bullish trend in BTCUSD. The price is coming out of consolidation[/I]

Prospects are excellent at the moment. There is no strong decline amid the rally since last fall. Price is moving from distribution to consolidation and further into distribution, which is a strong pattern indicating huge interest.

Resistance levels: 47281, 48234, trend resistance
Support levels: 0.236 fibo, 45500, 0.382 fibo

The trend is bullish. Friday session closing indicates that the market is ready to continue the growth, but, the formed false breakdown may give a small correction before further growth

BTC1! GBTC TOTAL

Regards R. Linda!

Note

Based on the general data, it makes sense to expect one of two scenarios in the market, relative to the mentioned resistance:

1) Without a pullback. Breakthrough of 47281 and price consolidation above the level with subsequent growth.

2) Rollback. Retest of support (0.236 Fibo), or intermediate support, further retest of resistance and breakout of 47281.

Trade active

Note

Growth continues. Price updates high to 48601, updating 1-month old data

Note

Retest of resistance 48234, at the same time price is testing trend resistance.

Note

49K
Updating the highs!

Note

Realization of the first scenario.
Retest 50000.
Last time, BTC 50000 was worth on December 28, 2021

Note

H = $50333

Note

But judging by the chart, bitcoin is ready to rise further

Note

False breakdown, small correction and the price goes back to 50K again
Interest in bitcoin is very high

Trade closed: target reached

He-he
#BTCUSD > $51.000
Target 1 reached. Easy

Note

Bitcoin has updated its high to 52K.
This is very active on its part, which does not cease to please.

Strong support at the moment is 51256, but the breakout and consolidation above 52K will form the potential for price movement towards our next target in the form of resistance 53524

RLinda

🌹TRADING is a CASINO💔!?

NO‼️

You❗️CAN and ❗️SHOULD make money in trading!

Join me, I'll guide you to PROFITABLE TRADING💵!

🟢Free Telegram Channel:
t.me/RLindaTrade

🔴Contact:
t.me/RLindaSignals

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.