BTCUSD has been rising for 124 days without any meaningful correction since September.
Within a strongly bullish distribution, the price tested the strongest liquidity
zone of 48K and made a false breakout, which is a strong sign for the start of a correction.
Technically, BTC is in a stalemate situation, between two channels, more precisely
in the range between 43K and 40K. The consolidation may last an indefinite amount of time,
as fundamentally bitcoin is quite strong, and all the selling that is taking place is related to ETFs.
The next halving is expected on April 7, 2024. Statistically, the market goes into a significant
correction phase before this phenomenon and there is a logic in this - to form more favorable positions
before the strong rally that everyone is waiting for.
At the moment, technically, the price is restrained by the resistance 43118 and the price has chances to rise,
but for that the market will have to overcome this resistance and hold the level.
From below we have the support at 40181, which is a risk and panic zone. When the price approaches this area,
many buyers and sellers have adrenaline levels, as some are eager to open trades and others are afraid of reaching the stop-loss.
port levels: 40181
Resistance levels: 43118
Fundamentally the flagman is doing quite well, but technically there are reasons why the market should lower the price before the growth.
Within a strongly bullish distribution, the price tested the strongest liquidity
zone of 48K and made a false breakout, which is a strong sign for the start of a correction.
Technically, BTC is in a stalemate situation, between two channels, more precisely
in the range between 43K and 40K. The consolidation may last an indefinite amount of time,
as fundamentally bitcoin is quite strong, and all the selling that is taking place is related to ETFs.
The next halving is expected on April 7, 2024. Statistically, the market goes into a significant
correction phase before this phenomenon and there is a logic in this - to form more favorable positions
before the strong rally that everyone is waiting for.
At the moment, technically, the price is restrained by the resistance 43118 and the price has chances to rise,
but for that the market will have to overcome this resistance and hold the level.
From below we have the support at 40181, which is a risk and panic zone. When the price approaches this area,
many buyers and sellers have adrenaline levels, as some are eager to open trades and others are afraid of reaching the stop-loss.
port levels: 40181
Resistance levels: 43118
Fundamentally the flagman is doing quite well, but technically there are reasons why the market should lower the price before the growth.