Bitcoin (BTC): Smaller Breakout, Possible Re-Test
Bitcoin made a big volume breakout from smaller resistance, where on a new weekly open we are seeing some kind of weakness kicking in (after a test of the major resistance zone near ATH).
Ideally we should see some hovering near current zone and then a nice rejection which would put price back below that blue zone of re-test.
Swallow Team
Ideally we should see some hovering near current zone and then a nice rejection which would put price back below that blue zone of re-test.
Swallow Team
Note
Bitcoin has had a nice rejection near upper resistance zone, where price is now heading back for a re-test of local broken zone (yellowish zone).
We are looking to see failed re-test and price to break that zone again where sellers should take dominance at that lvl.
If we see it, a great downward movement can start, so let's wait a little bit more 👀
Note
Bitcoin is still showing us further weakness here while slowly moving toward the major zone of re-test.
As we approach this zone, we are looking to see there full scale breakdown, which would initiate a further movement to lower zones (possibly to our target areas).
Note
While we were looking for a re-test of a broken zone, we saw that we had some kind of re-test (but very weak and small), while buyers started to take back control near this zone.
Yes, we had a re-test but this was not quite the one we were looking for so while we are approaching the end of the week, we are looking for another test and a breakdown from there as well.
If we fail to see a re-test again, then most likely we will be testing higher zones (major resistance on a bigger timeframe).
Note
Bitcoin made a smaller push here after that weak re-test we had yesterday.
Our gameplan has not changed and we are looking for further movement to lower zones here (after a successful break near re-test zone).
While we wait, we see that sellers are showing their dominance each time bulls try to break and form Break of Structures on smaller timeframe, so we wait 👀
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