Long

BITCOIN → What determines readiness to grow to 75K?

Updated

continues to trade inside the global range of 73500 - 60000. After a false breakdown, the market is holding from a strong fall, at the same time the price is re-entering behind the previous ATH.

On W1 bitcoin has quite an interesting outlook. An intermediate bottom 60760 is formed after which the price returns to a new resistance level formed on the high timeframe 70184. The closing of the trading session of the 13th week 2024 near or above this resistance will be a confirmation of the market's readiness to go further.

Sufficiently high interest in the coin is keeping the price up near resistance and will not allow the coin to move closer to the risk zones despite the fact that the halving is ahead, which is expected in about 20 days, namely April 18-19. On D1 a consolidation is forming between 0.786 and 0.618 fibo. In principle, a consolidation is formed, the potential of which is not for a reversal, but for a continuation of the movement, in our case it is a breakout of resistance 71K with subsequent growth to 75K and higher. But, it is not a 100% guarantee. The structure can be broken.

It is worth paying attention to the level 70184, this level is indicated on W1. I prioritize tending to expect a continuation of growth, as indicated by the preconditions on various timeframes: H1, H4, D1, W1. Consolidation of the price above 70184, gradual compression of the price to the upper boundary of the local range - 71213 can forge a breakout, which will cause a bullish impulse that will resume the continuation of growth to 75K-85K-100K.

But, if the market maker deems it necessary, due to the fact that he has not yet collected the necessary liquidity, he can break the structure, namely the break of support 68815 - 69000. In this case the market may move to 62400, 60760 or 59313. Besides, whales also have an interest to buy the asset at lower prices

Regards R. Linda!

Note

Another retest of the indicated level is formed within the framework of narrow consolidation

Note

Probable scenario:
Price is being held from realization by downside resistance.
Consolidation of the price above 70184, gradual compression to the descending resistance may lead to a breakout and further growth

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RLinda

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