RLinda ! BTCUSD-> Did the bears put on the bull skin again?

Bitcoin finishes its correction amid a local uptrend near the 0.5 Fibo level, after which the flagship strengthens to 17296 and forms a consolidation at the key level.

The price overcomes the resistance density and enters the vacuum zone on the volume profile. Essentially price enters the zone without any resistance and bitcoin can reach the 19000 zone quite quickly in a calm environment

The price is in an ascending price channel. The fifth Elliott trend wave is forming, the expected end of the movement is the resistance of the price channel.
A condition for the price to continue rising is fixing of the bitcoin above the level of 17223, in which case the potential opens to 17592 and towards 18000. In the medium term, I will wait for the price to approach the level of 18271 and the Fibo level of 1.618.

BUT, the global trend is bearish and there is no exact confirmation of the formed bottom yet. We need to be careful.
In case of price consolidation under the level of 17223, we may see a fall to the Fibo level of 0.5 (16711).

Regards R. Linda!

Comment:

False breakdown on the background of news volatility. A pullback down and formation of a retest. Price is trying to return back to 17223

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Comment:

After the false breakdown a consolidation is formed.
I expect the retest of 17223 and the subsequent price reaction:
1) If the price does not fall and starts to test the level, consolidates and forms the retest, then there is a probability of breakdown
2) If the price does not manage to go above the level, and after the retest starts consolidating under the level, the price will start falling towards the channel support

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Comment:

Bitcoin continues to consolidate near the 17223 level, indicating strong positioning.
If the price continues to stick to the level, a breakout to 17592 is possible in the near future