BITCOIN → Intend to test 74K but what's next? ↑
Updated
BTCUSD is strengthening by 25% from the intermediate bottom and after retesting the support of the classic “FLAG” pattern. The fundamental and technical background is positive enough to consider further price growth
July 9 Idea: BITCOIN → Fear in the crowd is a bullish sign ↑ Flag and SFP
Fundamental Situation: the market is waiting for the launch of ETH-ETF on July 23, which could be another positive lever for the cryptocurrency market.
Trump, who has recently become a strong supporter of cryptocurrencies, is increasing his chances of re-election. If he wins, the market will take it very positively.
Well, and other local nuances: High-ranking politicians in the U.S. are reconsidering their views on bitcoin. SEC is also smoothly changing its position towards cryptocurrencies.
Technically, a classic bullish FLAG pattern is forming on d1. The nature of the range is consolidation. At the moment there is a high probability of retest of strong resistance 71700 or ATH retest, but only after the retest of these zones it will be possible to follow the formation of prerequisites for the breakout of global resistance 73800.
Resistance levels: 67250, 71750
Support levels: 63800, 59300
Technically, the price is now in the channel 67250 - 63800. The situation is favorable for resistance breakout, which will open a new way to the nearest resistance. Now we can't say about possible ATH renewal. It is necessary to keep watching how the price will approach the key boundaries of the range.
In the mid-term I consider a breakout of 67250 with further growth to 71700-73800.
Rate, share your opinion and questions, let's discuss what's going on with ★
BTCUSD ;)Regards R. Linda!
Trade active
Double pattern :D
Flag, if we consider a local structure
A cup with a handle that is in the last stage of its formation before realization.
The key focus here is on the flag itself, whose role is consolidation before realization (distribution)
Trade active
Trade active
A resistance retest is formedTrade active
Trade active
Santiment notes significant growth of trading volumes in BTC and memcoinsTrade active
Over the weekend, the coin updates its local high to 68500But, today there is news about the transfer of coins from Mt.Gox to another exchange
Possible correction.
Trade active
Consolidation ahead of key news events. The market is waiting ;)
Trade active
Trade active
Overall it looks very good, but it is moving tediously right now due to some kind of expectations.
1) It could be a psychological stop after the introduction of ETH-ETF. When BTC-ETF was introduced, the market fell first before rallying.
2) It could be a stop before the news. On July 27, cryptocurrency conference, where Trump will speak, where Harris will also speak
In general, the fundamental component is energizing the market right now, and the technical component is of a mediocre nature, which is looked at by MMs, Whales, and so on
I have highlighted several scenarios on the chart, as nothing can be said clearly right now. There is a strong resistance zone ahead and it will be tested soon, but this zone can affect the price in many ways, therefore, until we reach it I can't say anything prematurely, as it will not be an analysis, but a guessing game. Right now: bitcoin is bullish and there are no bearish preconditions.
Trade active
The situation is generally the same. The price is in the range, the basis of which plays the role of the pattern “Flag”
Break of resistance will mean the beginning of pattern realization and in this case the market can show distribution.
At the moment the resistance has not been tested yet.
If after retesting the resistance area there will be no fall (red arrow) and the price starts consolidating between 69-72K, then further we can consider the breakout of the range resistance.
But, there is a possible scenario, when MM may once again bring the price down to the middle of the range before the subsequent bullrun (blue arrow).
Trade closed: target reached
Interim target achieved Tested 70K
🌹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
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
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.