Lingrid | BITCOIN double TOPPED. What's NEXT ?

The sudden plunge of BTCUSDT triggered a widespread panic sell-off across the crypto market, causing a ripple effect that sent prices tumbling. As we can see, the price has formed a consolidation zone, characterized by higher lows and equal highs, indicating a potential stabilization in the market. The trend is now heading towards the support level and potentially June's month lows, setting the stage for a critical test. A fake breakout of this support level would be a strong indication of a liquidity grab, which could be a key confirmation of the market's next move. In my opinion, the price is likely to continue trading sideways, updating higher lows. I expect the market to retest the resistance level in an effort to form a third top, which would provide further insight into the direction of the market's trajectory. My goal is a resistance zone at 72000.00


Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Comment:

The price of BTC has recently descended to the crucial support level of 67,000, forming a complex pullback. As the market approaches this critical juncture, it's trading precariously close to the lower border of the downward channel. Given the significance of this level, it's no surprise that the market is slowing its descent, hinting at its importance. The price has bounced off this level multiple times, indicating that it's a key area of interest. In my opinion, the market will likely form a rejection candle and subsequently rebound back to the resistance levels. I'm expecting a spike downwards followed by a bullish move. My goal is to resistance zone at 69500.