RLinda ! BTCUSDT-> Price breaks through a strong support zone
Updated
BTCUSDT The rate of the asset began to decline sharply after the release of U.S. inflation data. The consumer price index (CPI) in August stood at 8.3%, while in July it was at 8.5%.
On the global chart we see a strong bearish trend, price corrections, which are more than half a third of the length of the momentum, all symbolizing a strong trend. Extreme movements are also related to this
It is worth paying attention to the price reaction from the resistance level, which begins its formation from the peak in November 2021. The price is testing the resistance as part of the correction and the moment the news comes out the price falls from the resistance zone by 15%
Let's go to the local chart. I have drawn an upward line of support, which has a significant role in the development of the further situation. The price breaks through this line and forms a consolidation under the level and this maneuver may open us a signal for further market decline, as the price strengthens its position as a bear market.
I assume that at the moment the bears have the upper hand, as there are a lot of factors pointing to a further decline, but do not deny other scenarios, when the price can rise. I expect the final consolidation under the mentioned levels and further downward price fall to the first target: 18500 and subsequent - support zone: 17630.
Regards to R. Linda!
On the global chart we see a strong bearish trend, price corrections, which are more than half a third of the length of the momentum, all symbolizing a strong trend. Extreme movements are also related to this
It is worth paying attention to the price reaction from the resistance level, which begins its formation from the peak in November 2021. The price is testing the resistance as part of the correction and the moment the news comes out the price falls from the resistance zone by 15%
Let's go to the local chart. I have drawn an upward line of support, which has a significant role in the development of the further situation. The price breaks through this line and forms a consolidation under the level and this maneuver may open us a signal for further market decline, as the price strengthens its position as a bear market.
I assume that at the moment the bears have the upper hand, as there are a lot of factors pointing to a further decline, but do not deny other scenarios, when the price can rise. I expect the final consolidation under the mentioned levels and further downward price fall to the first target: 18500 and subsequent - support zone: 17630.
Regards to R. Linda!
Trade closed: target reached
+9% target 1 reached
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
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🧿Web: rlinda.com
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