BTCUSDT is approaching trend resistance and most likely it may test the liquidity zone and risk zone for sellers (liquidity hunt ?), but does the market have the potential to support the upside?Bitcoin is strengthening and channel resistance may not stop this growth. Based on the nature of price movement (smooth, gradual, consolidating), bitcoin may test liquidity 84.7K - 88.8K. But it is too early to talk about further growth
On W1, the price is in a trading range (consolidation) between the previously broken global consolidation support and the current support. Short bodies, long shadows speak about consolidation. Also worth noting are the relatively long tails to the downside and the weak market reaction...
Fundamentally, the cryptocurrency market (community as a whole) for the past week did not get anything positive as from the very beginning of this year, the growth can be attributed to the 90-day technical break by Trump, but there are a number of nuances:
- the fire has not yet been put out
- just because they gave a 90-day break doesn't mean everything is fine. It's just a head start for the U.S. to prepare for the situation more thoroughly
- The escalating conflict between the U.S. and China has investors looking for less risky assets like gold. Cryptocurrencies are definitely not on that list.
- Rumors of a US interest rate cut are likely to provide support as well.
Resistance levels: 84700, 88800
Support levels: 78200, 73-74К, 66500
I would not hurry with conclusions about further growth. Growth could be considered if bitcoin overcomes 88800 and consolidates above this zone. But a sharp approach or a false breakout of one of the mentioned liquidity zones may provoke a reversal and fall.
Regards R. Linda!
Trade active
Note
Price has broken trend resistance and is trying to consolidate above this line.
The only problem I see at the moment is the lack of momentum after breaking the resistance.
Thus, the market may see a struggle between buyers and sellers for the support zone we are interested in.
That is, if bitcoin starts to strengthen after the retest of the previously broken trend line and can consolidate above 84750, then a small growth may continue (target 88800).
If bitcoin will not be able to continue to grow, will return to the channel and consolidate under 83600, then in this case we will consider the continuation of the fall.
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🌹TRADING is a CASINO💔!?
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You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
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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.