BINANCE:BTCUSD is trading in a neutral market. After updating the global ATH the market did not let the price to this zone, strong support levels are formed from below. The conglomerate of strong zones in general indicates that there is no clear potential at the moment and consolidation will continue further.
The price is trading within a range, the boundaries of which are narrowing and beginning to remind us of a symmetrical triangle. The disadvantage of this pattern is that it is not clear in advance in which direction it will go, some people consider the setup as a figure that can continue the trend, but it all depends on a variety of reasons. In the combination of technical and fundamental analysis, there is a higher probability that the price will further test the resistance for a breakout.
What to do now and how to trade at the moment?
Price is in a range.
Global range is 73679-59313
Local (current) range: 68577 - 64780
Within the framework of medium-term trading:
All that remains is to wait for the market to start taking action to move price out of the range:
- 71572 - 73679 resistance may affect the continuation of growth.
- It is also worth paying attention to the supports: 61447, 59313. False breakdown and liquidity capture will also favorably affect the growth.
Within the framework of intraday trading:
It is worth paying attention to all levels indicated on the chart. These are potentially important zones, relative to which strong intraday movements can be formed. It is possible to trade both false breakout and breakout of intermediate zones.
Resistance levels: 68577, 71572, 73679
Support levels: 64780, 61447, 59313
Technically and fundamentally the market is ready to go higher, but there is an important event ahead - halving, within which before further growth there may be liquidation of buyers and decrease of BTC to more profitable prices. Analytical companies also say that the general mood in the market is changing, which may lead to a correction, but funds continue to buy the asset
BINANCE:BTCUSDT CME:BTC1! CRYPTOCAP:TOTAL CRYPTOCAP:TOTAL2
Regards R. Linda!
Do you think the price can fall before halving
and how high can we go after halving?