BTC - 1h. The rebound after the fall is not complete. 46-48k
Updated
Hello everyone! After a flurry of emotions on May 19, the market has now relatively calmed down. However, we will make today's idea on the hourly timeframe, since the volatility of BTC remains high. After the fatal fall of the BTCUSDT market for many deposits, we saw good price support in the range of $39,000-39,600. Yes, the bitcoin price did not stop in this range, but it began to slow down a lot. If we consider the moment of the culmination of the fall on May 19 and the rebound on the 15 minute timeframe, we see that now the price is trying to gain a foothold above the liquid range:
The chart shows that there is still little strength to continue the fall, and buyers are likely to break through the trend line that sellers held from May 12.
A break of this trend line will give the BTC market a powerful growth impulse to the range of $46,000-48,000.
The critical point of this scenario is the mark of $39,000. Below it, sellers will prove their strength and form a consolidation, which is likely to break down. Therefore, today is quite an important day for determining the medium-term price movement of BTCUSD. Continued growth towards the 46-48k range is our main scenario. However, even this growth does not contradict our basic global idea:
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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The chart shows that there is still little strength to continue the fall, and buyers are likely to break through the trend line that sellers held from May 12.
A break of this trend line will give the BTC market a powerful growth impulse to the range of $46,000-48,000.
The critical point of this scenario is the mark of $39,000. Below it, sellers will prove their strength and form a consolidation, which is likely to break down. Therefore, today is quite an important day for determining the medium-term price movement of BTCUSD. Continued growth towards the 46-48k range is our main scenario. However, even this growth does not contradict our basic global idea:
___________________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
Note
The sharp decline began after a false breakdown of the trend line of buyers. Sellers are not yet exhausted. Therefore, consolidation will continue. However, buyers lost their chance for a positive scenario. If buyers do not return the price within the triangle before closing the 4-hour timeframe - it will be a bad sign
Note
The price of BTC again tests the trend line of sellers. It will be recalled that after a false breakdown of the trend line, a powerful wave of decline began over the weekend. So now you need to be careful!
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