Long

BITCOIN → Rally stop. When do we reach $69 000 - $70 000?

Updated

is testing 64K on the background of the rally triggered by the huge buying interest and is likely to enter the consolidation phase again. There is a little more than 10% to the global target, when will we reach it?

img: Strong zones, market circumstances and long-term outlook

The prospects for BTC are quite high as BTC-ETF advertising campaigns, trading volumes, records in ETFs, buying interest in both BTC and BTC-ETFs together continue to gain momentum.

BTCUSD is testing 64K quite a bit faster than everyone expected back in January-February. The strong distribution is once again transitioning into consolidation. At the moment, intermediate and global targets are 64900, 67800 and 69000.

Strong support zones are the 50-52K zones and the places where strong lines are crossed. Based on market data, a huge amount of BTC was bought here, which makes this area an intermediate market bottom.

Also worth noting is the 59K-60K support, similarly, there has been huge buying in this area, which also identifies this area as an intermediate bottom and strong support.

img: Actual situation on H1-H4. Formation of consolidation

As for local prospects.
The 64K-60K range is being formed. This range plays the role of consolidation while the price is restrained by its borders. On the background of price stoppage after strong growth, GBTC outflows increase again, some resistance area is formed, as well as strong liquidity below the local lows.

While the price is in consolidation, all these areas of liquidity will be liquidated, the price may test the support of 61K, 60K, 59500, as well as 0.236 fibo or even 0.382 fibo. Inside this range, between 64-60K, it is not worth to open trades, the best choice will be strong support areas.

As for selling: Against the backdrop of a strong trend, selling should be treated very carefully. I would recommend waiting for a test of ATH - 69K. Or the formation of strong preconditions to break the support of the current consolidation (59500-60500 lvl). A strong rally is unlikely to break 69K from the first time. The price will either form a deep correction or there will be another consolidation range. But we will discuss this after the retest of the high.

Support levels: 60500, 59600, 57600
Resistance levels: 63300, 63600, 64900

Consiliation is likely to be formed now and this phase should be considered on H1-H4 timeframes. Within the consolidation there may be retests of deeper levels, as well as false breakdowns of strong zones

Regards R. Linda!

Note

Idea from 03.Feb.: BTCUSD → Consolidation after the rally. What's next?

Since the beginning of February, we were already preparing for growth from 42K.

Note

Idea from 10.Feb.: BITCOIN → Retest 48K. Should we wait for resistance breakout?

The price of BTC at that moment showed its strength and overcomes the resistance of the valuable channel from the first time.

Trade active

Note

Idea from 17.Feb.: BITCOIN → Is a correction before growth possible? New targets?

The very moment when the huge interest does not allow the price to even form a correction from psychological levels.
The 50K area is broken through and immediately, after a small consolidation, rushes to 64K

Note

Idea from 17.Feb.: BITCOIN → Consolidation after rally characterizes the uptrend ↑

And finally. Growing to 64K
All in all 4 stages of how we went from 42K to 64K :)

Trade active

The market is still very strong
It's too early to talk about any strong moves, but the price movement on H1 indicates something interesting. But again, price has not tested support yet.

Lines - levels from high timeframes
dots - levels from low timeframes

Note

test 64K ;)

Note

67621 test ;)))

Trade closed: target reached

>69K!

RLinda

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