BITCOIN → Trap. Retest. Breakout. Correction. Halving.

RLinda Updated   
BTCUSD breaks through the 69K mark, grows by 8% and hits a strong resistance zone. There is a high probability of forming a false breakdown before further correction, as there are reasons to weaken the price a bit before further growth.

The flagship of the cryptocurrency market updates the high at 73794. Technically, 69K is starting to sell off strongly and the bars on H1-H4 make many nervous, but the market maker comes into play at the moment when the market becomes unbalanced towards selling. On H1-H4 you can see the decline start to redeem itself and price compresses to 69K and then forms a breakout. At this point, all sellers are trapped and liquidated. The price reaches a new ATH and hits the limit-resistance set up in the market to hold the price, as the bull run cannot continue all the time, the market needs a rest, the whales need to open positions at more favorable prices than 74K, and halving the decline is another reason for the asset to drop in value.

It is worth paying attention to the support zones mentioned. The 68500-69K level will hold the price for a long time as it is a very strong zone, but based on the set-up and pattern, there is a high probability to see a breakout and decline. The 60K zone is ideal for a test as it is a strong intermediate bottom, but we should also pay attention to the 63750 intermediate target.

Below 60K the market will not let the price go, as a breakout of this area will start a strong liquidation and decline, and it will be very difficult to hold it. In the zone of 60K there is a huge pool of liquidity, which can be interesting for the market and accumulation of potential before further growth.

In general, now the market will move in the range, inside the range the correction will develop. Trading will take place between the levels. Expected range: 69-70K (from above) and 60K from below.

Resistance levels: 69K, 71K, 72400, 73700.
Support levels: 65600, fibo 0.382

Based on the current market structure and price behavior, we have a high probability of catching a correction in the market. Everyone needs to rest and whales need to buy at more reasonable prices.


Regards, R. Linda!
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$68 000
Trade active:
The correction continues. The price is testing 65K and is down by 6.4%
Trade active:
The price tested 64500.
A local bounce from the 65K area is being formed
Trade active
Trade active:
Resistance retest confirms false breakdown of 69K
We are waiting for a decline to the above targets
Trade active:
The decline continues. The price is testing 63K
Interim target achieved



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