BINANCE:BTCUSD continues consolidation. The price of the flagship cryptocurrency confirms the formation of a range after a strong rally, at the same time the market seems quite strong :)
The market does not allow the price to get close to the risk zones, indicating that there is strong buying interest and interested smart money. Zones of interest are local reversal areas: 60314, 59313. There is a probability that before further growth the market may form a false breakdown of liquidity areas located below. But it should be understood that the market is currently protecting these areas, if the market manages to break the support of the 60K range, it will be the start of a strong correction to 50K
A local bearish trend is forming on H1, but it is still within the 70K - 60K range. Within the current movement the price may test the support of the local trend, as well as the support of the global range - 60K. There is a high probability of a false breakdown, which will cause a change in the local trend and in this case the price will change its target from support to resistance. Targets could be 69K and 74K.
At the moment, it is worth looking at the strategy of trading inside the range on the background of the uptrend. We should expect a retest of the strong support area followed by the formation of a change of local movement. There are no reasons for the price to leave the range yet
0.236 fibo on the background of a pullback gives a false breakdown. Within the target inside the range for the market there are such areas as 62598, 61447
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Interesting situation on H4 A symmetrical triangle is being formed, with moving averages as the boundaries (support and resistance). A breakout of one of the boundaries may give us a local impulse.
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The price is breaking through MA-50 and triangle resistance. This means nothing in the medium term. The consolidation continues.
But locally, the breakout of the pattern resistance allows the price to head towards the resistance zone. We are watching the price reaction to this area....
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Bitcoin is testing 70K Red circled is the liquidation of sellers, those who opened sell orders after the false breakdown of 69K
What's next? The situation is that the price is still in the 74-60K range.
But, the level of 69K plays an important role. If the price holds above this level, the next target will be 74-75K.
But, if this movement is still a "liquidation" to get rid of unnecessary speculators, then another false breakdown of 69K and price consolidation below the level can again direct the price to the support.
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71K test
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Consolidation above 69K.
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Local stop. Consolidation is being formed and it is necessary to watch the boundaries of this flat.
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A correction after the breakout is forming. Bitcoin is testing the area of 69K
@RLinda, part or all of: week4 and/or week1 pump active :D
tokeylokey66
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@RLinda, Hi RLinda... miss epic chart lady. I think TA is a complete meme with crypto and has been proven for many years :p Enjoy selling your program which is all you want to do, i hope too many people don't lose money with you (insert laughing crying emoji)