RLinda ! BTCUSDT-> Global TA. What's on the chart?
BTCUSDT. Why I think that in the global perspective bitcoin has no energy for growth (I am guided by technical analysis without fundamentals and "pump" theory):
We have a global downtrend channel that started with the peak of the "H&S" pattern from November 2021. Price has tested the resistance three times without the possibility of a breakout. There is strong resistance from the daily timeframe through the channel. Resistance is formed from the left shoulder of the "H&S" pattern and was tested in March 2022. Thus, we see a strong zone of resistance, which is above the channel resistance.
Locally: price is trading in the 24100-18500 range, from the support we see a strong impulse rise, on the lower timeframe it looks like a distribution and price is expending energy for a possible breakdown of the resistance zone.
I think that the distribution might end up near the resistance area of the global channel and I expect a downside rather than upside and think that the bitcoin might be trading inside the range for some time yet. The short term target is support at 18500.
Regards R. Linda!
We have a global downtrend channel that started with the peak of the "H&S" pattern from November 2021. Price has tested the resistance three times without the possibility of a breakout. There is strong resistance from the daily timeframe through the channel. Resistance is formed from the left shoulder of the "H&S" pattern and was tested in March 2022. Thus, we see a strong zone of resistance, which is above the channel resistance.
Locally: price is trading in the 24100-18500 range, from the support we see a strong impulse rise, on the lower timeframe it looks like a distribution and price is expending energy for a possible breakdown of the resistance zone.
I think that the distribution might end up near the resistance area of the global channel and I expect a downside rather than upside and think that the bitcoin might be trading inside the range for some time yet. The short term target is support at 18500.
Regards R. Linda!
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