Bitcoin BINANCE:BTCUSD continues to consolidate within an ascending triangle. Recently, the market was spooked by strong sell-offs, but, technically and fundamentally, nothing terrible happened.
On the chart we see several important nuances: long shadows, ascending triangle, false breakdowns of local support zones, false breakdown of resistance, which is another trap from the market maker. The market continues to prepare for further growth. Trigger zone, which can provoke a volume surge and strong impulse - 44350 - 44500.
False breakdown of resistance and further sell-off at 4500$ is related to rumors:
BTC's fall came amid the publication of an analytical report by Matrixport, in which the authors wrote that the SEC will reject applications to launch spot exchange-traded funds (ETFs) for bitcoin on a number of grounds. The sharp drop in the price of the first cryptocurrency triggered a massive liquidation of traders' margin positions on crypto exchanges.
Still. As much as analysts, small and large traders would not want it, but the cryptocurrency market pays huge attention to the fundamental component, and only then to technical analysis. Everyone is now in the moment waiting for a decision from the SEC and in all likelihood they will approve applications for a spot BTC-ETF. The initial market reaction is predictable, but time will tell how this situation will play out in the medium and long term.
Support levels: 42K, 41640, 40660
Resistance levels: 44350, 44500
Consolidation continues. In this case, the nature of consolidation is related to the fundamental component. The recent hype, crypto-spring and active consolidation is connected with the theme of BTC-ETF, though this theme has bored everyone lately, but the market is waiting for it. As the prerequisites are inclined to the breakout of limit resistance and growth, we join it. The nearest target is 48K
Regards R. Linda!
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