BTCUSDT is forming a consolidation after a false breakout of trend resistance. Against the backdrop of the global market crash (stock market, futures, forex) bitcoin looks quite strong, but I wouldn't get excited ahead of timeBitcoin is trading inside a downtrend and also inside a range (global 81200 - 88800 and local 81200 - 85600). As long as the price is inside the local range and below trend resistance it is worth considering selling. There have been periods in history when the price seemed strong in the moment, but then, bitcoin caught up with the fall of indices...
The fundamental background for bitcoin is unstable:
First of all, the price has hardly reacted in any way to the introduction of tariffs, backlash and economic data. The Fed is not giving a clear signal, the market is in uncertainty. Any info noise (China, Fed rhetoric, company reports) can cause shake-ups. But at the same time, the same old problems remain: the crypto community is not getting any support. Bitcoin's dominance is growing against the backdrop of its decline. Altcoins continue to storm the bottom.
Technically, the situation is weak, the price cannot update local highs and consolidate above any strong support. It is possible to retest the trend resistance, or the zone of interest 85590 before the reversal and fall. Or, emphasis on the trigger 81187. A breakdown will provoke an impulse.
Resistance levels: trend, 85585, 88840.
Support levels: 81187, 78170, 73500
Buying in the medium term can be considered either after reaching the main target - 73-66K, or after the exit from the descending channel and price fixation above 88840. Now the emphasis is on a possible fall either from the resistance 85580, or when the support 81180 is broken
Regards R. Linda!
Trade active
The price is moving away from the resistance (under market pressure) and is gradually approaching the triangle support. Breakout of the figure will be the fact of price exit from consolidation, which can provoke a rally
Trade closed: target reached
go go goPrice comes out of consolidation, breaks support and starts accelerating downward
Note
-9%
The fall continues...
Note
BTC - bearish structure on both local and global timeframes (left W1, right H1)
On the weekly and daily timeframe, the price is under pressure (either the absence of a strong buyer or active selling).
The target is liquidity in the zone of 73700 - 68000.
If the reaction to the support is weak, the price may test the global liquidity zone of 53500 in the medium term.
Local bounces that give hope to the crowd are just “helicopters” of the news background and nothing interesting comes out of it. It is only a short-term growth (for energy accumulation) before continuing the fall
Regards R. Linda!
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🌹TRADING is a CASINO💔!?
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free 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.