The situation is interesting: locally, there are bullish volumes, the price is breaking through the consolidation resistance and entering the distribution phase. However, globally, the trend is downward, and there is strong resistance ahead at 94K.
Resistance of the trading range is 94-95K. The nature of the price movement towards the level is distributive, there is no accumulation, which generally looks like an attempt to retest resistance, but not for a breakout. Bears may provoke a pullback from 94K.
Scenario: Retest of 94200, a false breakout and the formation of a reversal pattern below 94K could signal a possible pullback and decline to 90K - 86K.
Trade active
Growth of 2.6%Bitcoin is testing the specified resistance
A false breakout has formed
We are waiting for a reversal pattern to form for a short...
Trade closed: target reached
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❤️ Telegram channel: t.me/AndeWave
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.