Dear friends!
Overall, BTCUSD continues its downtrend within a narrow range at all-time highs. At the same time, a triangle is forming. Theoretically, the price should break the $65,000 support and correct further.
First of all, investors are paying attention to the important Bitcoin Halving event, an important milestone signaling a decrease in Bitcoin supply. This is showing the warming and attractiveness of sellers.
In this case, a false breakout may occur. According to statistics, the strongest fluctuations occur after a false breakout. A breakout and consolidation below $65,000 could cause a sharp decline to the liquidity zones indicated on the chart.
I expect the price to retest the 70,000-70,500 level with a bounce. If the price quickly retraces this support, the likelihood of a breakout increases. Fundamentally and technically, the Bitcoin market is showing weakness so we can expect a negative scenario at the moment.
Our profit targets are set at 52,000 USD and 50,000 USD respectively.
Do you share my opinion? Comment below to let me know what you think about BTCUSD!
Overall, BTCUSD continues its downtrend within a narrow range at all-time highs. At the same time, a triangle is forming. Theoretically, the price should break the $65,000 support and correct further.
First of all, investors are paying attention to the important Bitcoin Halving event, an important milestone signaling a decrease in Bitcoin supply. This is showing the warming and attractiveness of sellers.
In this case, a false breakout may occur. According to statistics, the strongest fluctuations occur after a false breakout. A breakout and consolidation below $65,000 could cause a sharp decline to the liquidity zones indicated on the chart.
I expect the price to retest the 70,000-70,500 level with a bounce. If the price quickly retraces this support, the likelihood of a breakout increases. Fundamentally and technically, the Bitcoin market is showing weakness so we can expect a negative scenario at the moment.
Our profit targets are set at 52,000 USD and 50,000 USD respectively.
Do you share my opinion? Comment below to let me know what you think about BTCUSD!
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