BITCOIN → Consolidation before the rally. 106K - 110K?
BTCUSDT , after breaking out of consolidation at 97,860 and distributing to 104,300, has returned to a consolidation phase, which is generally a positive sign for possible continued growth.The growth of Bitcoin is linked to several reasons:
General improvement in the global market situation — easing of trade conflicts; Expectations of a US Fed rate cut; Influx of investment into Bitcoin ETFs
Technically, we see the price breaking out of its local downtrend and entering a strong distribution phase. The northern train continues to pick up passengers.
At this stage, I would like to draw your attention to the consolidation at 104300 - 102300. A rebound from resistance is currently forming, and we need to monitor the levels of 103300 - 102300 - 101700. These are quite important areas of interest. A false breakdown (liquidity capture) may form before further growth. A return to resistance and the formation of pre-breakout consolidation, for example between 104300 and 103300, will only increase the chances of a breakout of resistance and growth to 106-107K.
Resistance levels: 104300
Support levels: 103300, 102300, 101700
The trend is bullish, with Bitcoin consolidating. The coin is not going to fall (at the moment), but to build up potential, the price may form a false breakdown of support (a deceptive maneuver) before continuing to rise. Retesting the 104300 level could lead to a breakout and upward distribution.
Best regards, R. Linda!
Note
The price, within the third retest, did not reach resistance, rebounded, and broke the local level of 103336. Based on the local situation, the following scenario can be assumed:
Retest of the local maximum of 103600, continuation of the correction to the local liquidity zone of 102700 - 102300, rebound with the aim of retesting the resistance of 104300
PS: Within narrow ranges and consolidations, it is most logical to trade from the boundaries of these channels, i.e., within an uptrend — from support.
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🌹TRADING is a CASINO💔!?
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🟢Telegram Channel: t.me/RLindaTrade
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NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
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.