BTCUSDT has updated its local maximum to 97,900, the market structure is quite positive, but still depends on the fundamental background and the behavior of the S&P 500.The fundamental reasons that influenced the growth are the improvement in the tariff situation in the US and relations with China. Bitcoin's growth strengthened as the SP500 index rose, with which it has a fairly high correlation. In the second half of this week, the price broke out of the two-week consolidation, breaking through the resistance level of 95,500 and updating the local maximum. A correction is forming within the local upward channel.
95,000 is the liquidity and risk zone. That is, if the bulls hold their defense above 95K during the retest, Bitcoin will continue to grow in the short and medium term. Otherwise, a break of 95K could trigger a drop to 92K-88K.
Resistance levels: 97,425, 99,475
Support levels: 95,500, 92,000
All eyes are on the 95.5K support level, below which a huge liquidity pool has formed. Growth may be influenced by a retest (false breakout of support) and an imbalance of forces in the market. But we need to be careful, as the market will react to economic data. BUT! A return of prices to the selling zone (below 95000 - 95500) and the inability to continue growth could trigger a correction and liquidation.
Best regards, R. Linda!
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Situation update:
The bulls were unable to keep the price above 95K, thereby breaking a fairly strong bullish structure (on the chart, a false breakout is forming relative to the key resistance level of 95.5 - 95K). If this is confirmed, the flagship may begin a correction to 92 - 88K.
Altcoins may react extremely aggressively to the fall in Bitcoin...
PS: However, I do not rule out the possibility that this was a clever move before a possible rise. Thus, if buyers gather strength and start buying Bitcoin, there will be chances for growth, but in this case, we need to wait for a retest of 97,500.
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🌹TRADING is a CASINO💔!?
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Join me, I'll guide you to PROFITABLE TRADING💵!
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🟢Telegram Channel: t.me/RLindaTrade
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Join me, I'll guide you to PROFITABLE TRADING💵!
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🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
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Disclaimer
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