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BITCOIN → Is a correction before growth possible? New targets?

Updated

is in a strong growth phase, updating the highs of December 2021. The price does not reach the 53K level and may forge a correction to support before further growth.

Pic: Three key scenarios against the backdrop of a possible correction

Why we should wait for a correction:
Market potential (technical component) may get temporarily depleted and price may forage a correction to support to capture liquidity before rising further.
On the 1-hour chart, the market is forming a consolidation in the range of 51k - 53,500. But at the same time the price bumps into the resistance and starts to feel some pressure from the sellers. There is nothing terrible in it, there is a chance for a technical pullback.
It is worth paying attention to three possible scenarios regarding the correction to the support, indicated on the chart.
In our case, the first liquidity area is the zone: 51256. The breakout and consolidation below the level will form a small liquidation and will be able to reduce the price to 0.236 fibo or to 48435. And the breakthrough of 48435 may provoke rather strong sell-offs. But against the general background it is unlikely. False breakout of one of the mentioned levels followed by consolidation above the level is the main pattern that will resume further growth.

Pic: Bullish trend and key levels and zones

There is an obvious strong bullish trend in the market. The price is overcoming the trend resistance, which technically can accelerate the strengthening phase of the price. But, before further growth, from a technical point of view, the flagman may test the support area (previously broken resistance), and in addition, the counter-trend correction is also a kind of liquidity consolidation. It would be good for the market to form another liquidity pool and local bottom before further growth to 53K, 58K and towards ATH.

Pic: Strong support and resistance levels on high timeframe

Both technically and fundamentally BTC is quite positive. Globally - the price is leaving the 51K - 42K range and thus makes us realize the situation that further promising targets are still ahead.
Fundamental:

- outflows from GBTC have significantly decreased
- total open interest in BTC on major exchanges increased to the highest since April 2022
- net inflows into spot BTC-ETFs have been sustained for 15 consecutive days
- BTC was included in the investor education program
- BTC remains the most discussed token among the crowd

Support levels: 51256, 50986, 0.236 fibo, 48435
Resistance levels: 52884, 53524

Regards R. Linda!

Note

It's worth keeping an eye on this range on H1 for the time being

Note

Support is broken
Correction
First stop at 50333, further we will follow the price reaction to the support area

Note

Consolidation continues

Note

Trade active

Note

Volatility decreases
The price is preparing for the next retest of the support of the actual range

At the moment consolidation continues, if the price continues to approach the lower boundary of the flat by small bars, it will be a prerequisite for a possible breakout attempt.

Note

The long compression may have been enough.
Within consolidation the price is going to test the resistance.
We have a chance to catch a breakout attempt.
But, the range may hold the price and BTC will form a false breakout and continue consolidation

Note

Key levels noted. Consolidation continues...

Note

Consolidation continues.
A positive sign is that there is no fall after strong growth.
The market is still strong and still ready to grow (based on the current data)
Let's see how the price reacts to the support

Note

It is worth paying attention to 50650. The price is testing this area and forming a pre-breakdown consolidation.
If this support is broken through, the correction phase and technical pullback to the marked levels will begin

Note

Consolidation continues

RLinda

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