RLinda ! BTCUSD-> Price enters a new bullish range
Updated
Bitcoin closed the week's session in the green, showing strength relative to the SP500 index (a fact that may hint at bullish sentiment in this area). The rally by the flagship led it to surpass the 25,000 mark and reach a nine-month high on Thursday. Part of the rebound was due to what is known as a "short squeeze," which was due to more short liquidations than usual.
In rare instances, the sharp rise in cryptocurrency prices this week diverged from the price dynamics of broader U.S. stocks. Crypto traders showed great appetite for risk and appeared to brush aside concerns about Fed rate hikes after hotter-than-expected reports on the Consumer Price Index and the Producer Price Index.
Regardless, bitcoin bulls will undoubtedly be encouraged by recent developments in the price and may feel more optimistic than at any time since 2021
The bitcoin price after a false breakdown of 0.786 Fibo goes up, the technical pullback after a fairly strong rally since late November was only 12%. During the week, the flagship bought out the entire pullback and entered a new bullish range.
The price indicates successful attempts to change the trend into a bullish one, one of which is the exit of the price from the descending price channel. The next step is the 28654-31460 range, only when bitcoin overcomes the upper boundary of this range we can talk about a positive result of this maneuver.
Regarding the resistance of the descending channel, a trap is formed by the market maker, the essence of which is the capture of liquidity on both sides. A large volume of orders is activated (limit orders, psychological levels, stoplosses, takeprofits), the price without excessive load comes to the retest of a new area - the level of 24255 - the base of FIBO.
The red resistance zone 24255-248888 is a quite strong area defended by the bears. Breaking this area will determine the way for the price towards 28654, then up to 31460.
The potential for continuation of the flagship will be the Fibo level of 1.618, which is located at 29680. The area of 30000 is psychological for all those interested in cryptocurrencies.
Regards R. Linda!
In rare instances, the sharp rise in cryptocurrency prices this week diverged from the price dynamics of broader U.S. stocks. Crypto traders showed great appetite for risk and appeared to brush aside concerns about Fed rate hikes after hotter-than-expected reports on the Consumer Price Index and the Producer Price Index.
Regardless, bitcoin bulls will undoubtedly be encouraged by recent developments in the price and may feel more optimistic than at any time since 2021
The bitcoin price after a false breakdown of 0.786 Fibo goes up, the technical pullback after a fairly strong rally since late November was only 12%. During the week, the flagship bought out the entire pullback and entered a new bullish range.
The price indicates successful attempts to change the trend into a bullish one, one of which is the exit of the price from the descending price channel. The next step is the 28654-31460 range, only when bitcoin overcomes the upper boundary of this range we can talk about a positive result of this maneuver.
Regarding the resistance of the descending channel, a trap is formed by the market maker, the essence of which is the capture of liquidity on both sides. A large volume of orders is activated (limit orders, psychological levels, stoplosses, takeprofits), the price without excessive load comes to the retest of a new area - the level of 24255 - the base of FIBO.
The red resistance zone 24255-248888 is a quite strong area defended by the bears. Breaking this area will determine the way for the price towards 28654, then up to 31460.
The potential for continuation of the flagship will be the Fibo level of 1.618, which is located at 29680. The area of 30000 is psychological for all those interested in cryptocurrencies.
Regards R. Linda!
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