Lingrid

Lingrid | BTCUSDT when in Doubt, ZOOM Out. Potential LONG

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
BTCUSDT has dropped recently due to ongoing FUD, which is fueling further selling pressure on the price. However, upon zooming out to the daily timeframe, we can see that the price action is simply consolidating within a specific zone. On the monthly timeframe, it's clear that the price took out liquidity below the last two months' lows and bounced off the lower channel border twice. I believe the price may continue to trade sideways before dropping again towards the support zone around 52,000-53,000. The current price action looks promising, as it's duplicating the pattern from May 1, where we saw two spikes down followed by a bullish reversal, which we're seeing now. I expect the market to retest the channel border and possibly experience another move down before ultimately moving upwards. My mid-term goal is a resistance zone at 61400.00


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