BITCOIN → The price is getting ready to drop to 100K - 97K for BINANCE:BTCUSD by RLinda

BITCOIN → The price is getting ready to drop to 100K - 97K

is facing strong resistance. The price is being pushed away from the 105-107K zone as much as possible, forming a defense conglomerate. But, this resistance cannot overshadow the global bullish situation yet

A controversial situation is forming on H1-H4: a descending channel and a symmetrical triangle. And everything depends on what part of the market sees which figure. The primary reaction to the triangle support may be accompanied by a rebound, but based on the situation with the resistance, we can assume that the rebound from the triangle will not be deep and the price will try to go down.
If we look at the descending channel, the price is held back from falling by the support at 101.600.
Yes, technically, it is the support of 101.600 that plays the main role now. The main question is whether this level will hold the price or not.
Fundamentally, the situation is debatable, as the situation mainly depends on America, on how Trump and officials will use rhetoric regarding cryptocurrencies. It could be a bubble, a scam to win an election, or empty talk. Or it could be an actual strategy

Resistance levels: 103.4K, 105.8K
Support levels: 101.6K, 99.6K

Emphasis on 101.6. In the short term, I expect a breakdown and price consolidation below the level followed by a drop to 100-97K
BUT! Since there is a symmetrical triangle on the chart, a false breakdown of 101.6 may lead to a small upward bounce before a further fall to 100K

Regards R. Linda!

Trade active

There is no reaction to the triangle support. The main focus was on the 101600 level, which was safely broken. The price has consolidated in the selling zone and is heading downwards, overcoming 101k

Trade closed: target reached

The first target of 99600 has been reached.
But bitcoin is not stopping and is preparing to go even lower.
Breakdown and consolidation of the price below the support at 99600 will provoke further sales. The price could go down to 95800, 91700.

RLinda

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