Bitcoin surged to the selling zone above $70,000 and was rejected again. Currently, it has strong support in the $67,000 to $65,800 range, which could potentially push it back towards the $70,000 to $71,000 resistance level.
Keep an eye on your watchlist, as long as the main ascending trend line at around $65,800 is not broken, you can look for long positions during corrections.
Please note that this is an analysis, not a trading signal.
Keep an eye on your watchlist, as long as the main ascending trend line at around $65,800 is not broken, you can look for long positions during corrections.
Please note that this is an analysis, not a trading signal.
Note
Currently, Bitcoin's price is in a compression phase, forming a trading node indicative of a balance between buyers and sellers. The range of $65,800 to $67,000 acts as strong support levels, suggesting that the market might gather the necessary liquidity in these areas.Key Levels:
Strong Support Levels: $65,800 to $67,000
Supply Zone (Resistance): $69,600 to $70,000
Price compression indicates reduced volatility and a potential setup for a significant move.
The formation of a trading node within these ranges signifies equilibrium between buyers and sellers, awaiting the next market move.
If the price is well-supported within the $65,800 to $67,000 range, the likelihood of liquidity accumulation increases.
This liquidity can trigger an upward movement towards the supply zone ($69,600 to $70,000).
The supply zone may present significant resistance for the price.
Upon reaching this zone, notable price reactions can occur, leading to either a pullback or a breakthrough of the resistance level.
Join our channel:
🔵 t.me/monocoin_public
🟠 t.me/monocoin_public
🔵 t.me/monocoin_public
🟠 t.me/monocoin_public
🔵 t.me/monocoin_public
🟠 t.me/monocoin_public
🔵 t.me/monocoin_public
🟠 t.me/monocoin_public
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.
Join our channel:
🔵 t.me/monocoin_public
🟠 t.me/monocoin_public
🔵 t.me/monocoin_public
🟠 t.me/monocoin_public
🔵 t.me/monocoin_public
🟠 t.me/monocoin_public
🔵 t.me/monocoin_public
🟠 t.me/monocoin_public
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.