BTCUSD is not falling below 50K, which is expected by many. The flagship continues to consolidate (which has been going on for half a year now) and accumulate potential at the expense of some traders or another, mostly at the expense of sellers. Why am I being positive? In the second half of August, BTC tried to move into the realization phase and headed towards 70K, but ran into a block of limit orders (resistance) at 65K - MM is not ready to let the price go. Having formed a double top, the price returns to the range confirming the fact of false breakdown and liquidation, as a consequence of such actions MM has an interest - liquidity from below (for this reason I am waiting for initial decline with subsequent growth). The chart above shows the key zones and possible scenarios to pay attention to when forming your strategy
There is no constructive reason for the formed fall and therefore this movement can be considered purely manipulative, the purpose of which may be to buy up the asset through panic selling as well as prolonged accumulation before realization.
Resistance levels: 59600, 60500
Support levels: 58700, 57900, 57736, 56078
The market is still strong but in a range. Any attempts to sell-off are aggressively bought out by whales (liquidity withdrawal). On W1-M1 a stop is forming after a strong rally, which is considered as a controlled consolidation within the bull cycle, which is far from ending. The high probability scenario of that technical nuance is an upward distribution of accumulation.
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Regards R. Linda!
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August through September are historically some of the weakest months of the year for BTC Trade active
Local range support retest is formed There is no buyer yet, price may try to break 57700 and test 56K
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The price moves to the phase of realization of the local pattern “wedge”
If the bulls manage to break through 59600, the buyers may get a chance to get on the path to 62-64K
If not, the market may return to the southern wave again
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Bitcoin is testing the important 59600 zone and forming a false break of resistance as part of a false breakdown. If the price starts to return to the level and consolidate, it may lead to further growth, but from 58800 the fall may resume...
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The market reacted to the news. The stock, futures, and cryptocurrency markets turned red...Trade active
A chic reaction to a false breakdown of a key liquidity zone. Impulse to $2700 is formingTrade active
An attempt to consolidate above 58K is formedTrade active
Traders sold off all the growth. Watching the support, high probability of decrease...
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🌹TRADING is a CASINO💔!?
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
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.