BITCOIN → Flag (consolidation) before falling to 78-73KBINANCE:BTCUSD is consolidating after a short-squeeze relative to 85-87K. A bearish set-up is being formed, the break of which may strengthen further decline to the key target of 73K
A symmetrical triangle is forming within the downtrend on D1, a breakdown of this structure may strengthen the decline. Locally, within the channel a flag - bearish figure is formed (on the local TF false uptrend, the crowd enters to buy from the support or at the break of local resistance, at accumulation of the necessary potential the big player removes the limit order and releases the price, which is dispersed by liquidation of traders), regarding 85K-86.6K the liquidity capture is formed and the price returns to the selling zone. Consolidation below 85K may trigger a breakdown of the figure support and further fall to 80K-78K
Fundamentally: the market sells off any positive news very quickly (negative background is created):
crypto summits, (Trump said nothing new at the second summit)
positive resolutions of problems (for example between SEC and XRP, or removal of restrictions from local exchanges)
crypto reserve
The only nuance, bitcoin's dominance index is still high despite the price drop...
Resistance levels: 85150, 866700, 89400
Support levels: 82K, 80K, 78200
There are no positive signs for growth. The zone where we can consider a trend reversal ( if something supernatural happens ) is 89-91K, but it is very far away.
But now I would consider a breakdown of the flag, or 83.5 - 82.5 and price consolidation below this zone with the purpose of further fall to the local important level 78173. Then another consolidation or correction is possible before a further fall to 73.5K
Regards R. Linda!