BINANCE:BTCUSD is testing 71572 and forming a false breakout, I have emphasized our attention to liquidity above this level in a separate idea. Trading inside the range after capturing liquidity continues and the market appears to be preparing for a halving.
(April 6 idea: BITCOIN → Trading inside a sideways flat. ↑ 75K or ↓ 60K?)
The false break of resistance and 8.5% retracement indicates that the coin is not ready to go up yet, but at the same time it is not ready to go down, as indicated by the MA-50 retest and the candlestick pattern, which can be interpreted as the activity of strong buyers protecting the market from falling. On W1 we see a strong growth, which gradually turns into consolidation and does not give any correction or technical pullbacks - this indicates the strength of the market, the bulls are watching the price and continue to stand in their bullish stand in order to throw the price even higher.
Resistance levels: 71572, 73679 Support levels: 0.236 fibo, 64545, 61447
After the resistance retest, the market may be interested in the lower zones from the liquidity point of view. Bulls are actively defending them and holding the price, but before halving the price may try to drive it lower in order to liquidate traders and accumulate potential before further strong price movement
Bitcoin has not experienced any negative fundamentals recently, other than a reaction to geopolitical nuances.
In general, the fundamentals of the flagship of the cryptocurrency market are very strong
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Consolidation on H1
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Price is testing support, a partial liquidity grab and a bounce is forming. If BTC passes through 64545, it may head towards 67929
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Halving is a little over 5 days away, I wonder how the market will react to the primary data, will there be a decline to liquidate traders or a rise immediately...
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It's worth looking at 62300
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Hong Kong approves spot applications for BTC-ETFs This could attract new money from Asian countries, and even more so from China
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Bitcoin is getting into deeper zones. Halving is about 4 days away
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Bitcoin is testing the lower area of the sideways range and entering risk areas. Buyers are getting scared
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Support zone retest
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The market is in the phase of realization of the scenario indicated under the green line
Bitcoin starts to strengthen
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Small correction and retest of the intermediate support level
@ibrar550, We need to wait for at least a test of 60K, and from the reaction and market behavior relative to this area it will become clear where the price can go
RLinda
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@AlanSantana, Thank you :) Yes, the price could go lower in case BTC goes through the 60K zone
elenaec
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@AlanSantana, i think it may go lower too in june /july always
@Tommy123456789 I just open up the chart on the 4-hour literally watch the on balance volume slipped instantaneously to bearish, fat order lol, it's probably going to reject at the point of control and 5 EMA.
RLinda
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@Intraday_Latte, Interesting) I think the overnight btc drop is due to the armed crisis between Iran and Israel =(
I think it goes lower though.
Clean charting as usual.
Quite lovely.
Keep it up!
Namaste.