BTCUSD has been consolidating since March, for half a year. Sooner or later the asset will move into the distribution phase. After the shakeout, the price returns to the channel and enters the consolidation phase, holding above 0.5 fibo. The shakeout spurred by panic over bad data in the US market a few weeks ago is redeemed. False breakout leads to a rise to 62K, which defines the local range, forming a strong resistance and the beginning of a local correction. Within the correction, the price is testing 0.5 Fibo and the bulls are actively holding the price above this area, indicating that they are not ready to let the price go beyond this area yet.
So, the focus is on the consolidation of 62K - 56K.
How long will the price trade in this range? As long as it wants, until MM gathers the necessary potential
But, after support retest, false breakdown and liquidity capture, MM has another target - liquidity above 68K - 69K, therefore, we have a high probability to catch strengthening to the channel resistance (69K - 70K)
Support levels: 0.5 Fibo (56K), 53500
Resistance levels: 59700, 62500, 70K
A break of the local resistance may give an impulse to 62350. Next, we need to watch the price reaction at 62500. If the price will not pullback, but will start consolidating and squeezing, then we should wait for the breakout and growth to 70K
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Regards R. Linda!
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Bitcoin bounces off 57700, marking strong support
Price is testing 61K
Trade active
Consolidation continues.
Emphasis on the marked levels and MA-50
If the bulls are able to overcome MA-50, the price may form an impulse
Trade active
The emphasis is still on range resistance.
After the retest, a pullback is formed, not deep, and the price starts to return to the level
Chances of a breakout are growing
Trade active
Amid Powell's speech, bitcoin tests consolidation resistance...
If the price returns to the level, it will increase the chances of a breakout and growth
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Breakdown of resistance and realization of accumulation
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After exiting the consolidation, the price forms an impulse and then enters the local consolidation phase.
The coin looks positive, a small correction may be formed before further growth
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Bitcoin is testing 65KTrade active
False breakdown of consolidation resistance.
Bitcoin continues to stand still and accumulate potential
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