The situation of the last few days gives us to understand that BTC gathers liquidity from both sides and moves in a range, such uncertainty is called consolidation. The best thing you can do now is to buy BTC to increase your long positions.
A strong resistance zone at 59,200 - 59,600. Since the ATH, this range has remained resistant for more than 3 weeks, it is clearly visible on the 4H, 1D, and 1W time frames. Not a single 1W or 1D candle has closed above this range, and the best reaction to this level that we have seen so far is a false breakdown of the upper limit of the range. Do not get your hopes too high for the ascending triangle that price is charting now, it is not too reliable as we have only seen few touches of its limits, but the price has every chance to cross this resistance zone during the next test.
Why do we think that the breakdown of this range will happen soon? If you look at the 1D chart, you can see that the whole movement from 51.300 to the current point was a big and systematic price increase, without big dramatic bumps, which provided a sufficient accumulation of liquidity. Large capital was able to get in both at the beginning of this rise (when emotional small players were selling in fear) and as the price rose. The last four 1D candles only increased the probability of a breakout because such a long consolidation under this level cannot last forever. Often enough 3 tests of the level to break it, if the level is strong, as it is now, then 4 tests. (The third test has already happened.) In our opinion, this is enough to break through the range of 59.200-59.600.
What's stopping growth? For us to see a new ATH sooner, we need to see a trend to increase BTC dominance, ideally to 62%, (current 57%). This is the outflow of money from BTC, thanks to which many coins got a second wind, which greatly contributed to the Altseason.
Why is this level so important for us? It's simple, there is no important resistance zone, from the upper limit of this range to the ATH.
Judging by our observations, the predictions about the new ATH from past ideas are still relevant. On the fixed range volume profile (4H chart) you see that there are as many long trades now as there were a few days ago when the price was very close to the resistance level, this indicates that firstly, you have one more chance to buy BTC at a better price (3% below POC), and secondly, that the buyers are serious about breaking through the resistance zone once again.
A strong resistance zone at 59,200 - 59,600. Since the ATH, this range has remained resistant for more than 3 weeks, it is clearly visible on the 4H, 1D, and 1W time frames. Not a single 1W or 1D candle has closed above this range, and the best reaction to this level that we have seen so far is a false breakdown of the upper limit of the range. Do not get your hopes too high for the ascending triangle that price is charting now, it is not too reliable as we have only seen few touches of its limits, but the price has every chance to cross this resistance zone during the next test.
Why do we think that the breakdown of this range will happen soon? If you look at the 1D chart, you can see that the whole movement from 51.300 to the current point was a big and systematic price increase, without big dramatic bumps, which provided a sufficient accumulation of liquidity. Large capital was able to get in both at the beginning of this rise (when emotional small players were selling in fear) and as the price rose. The last four 1D candles only increased the probability of a breakout because such a long consolidation under this level cannot last forever. Often enough 3 tests of the level to break it, if the level is strong, as it is now, then 4 tests. (The third test has already happened.) In our opinion, this is enough to break through the range of 59.200-59.600.
What's stopping growth? For us to see a new ATH sooner, we need to see a trend to increase BTC dominance, ideally to 62%, (current 57%). This is the outflow of money from BTC, thanks to which many coins got a second wind, which greatly contributed to the Altseason.
Why is this level so important for us? It's simple, there is no important resistance zone, from the upper limit of this range to the ATH.
Judging by our observations, the predictions about the new ATH from past ideas are still relevant. On the fixed range volume profile (4H chart) you see that there are as many long trades now as there were a few days ago when the price was very close to the resistance level, this indicates that firstly, you have one more chance to buy BTC at a better price (3% below POC), and secondly, that the buyers are serious about breaking through the resistance zone once again.
Comment:
Our expectations for the BTC are slowly coming true. A lot depends on how the 1W closes today, but I think the price will confirm our expectations soon and the resistance zone become a support zone. (Even if we see a test of the lower limit of the mentioned range as support, that would be great news.)