BITCOIN - Retest of resistance at 70500 within the downtrend
BTCUSDT.P is consolidating within a global downtrend. The market has not reached its technical bottom (58,900 - 52,600). The liquidity zone (resistance conglomerate) of 70,500 - 71,500 may stop the initial retest and trigger a downward pullback.Bitcoin is in a global downtrend. The local trend is neutral (flat). However, consolidation against the backdrop of a downtrend may be directed towards a continuation of the main movement. The target is 55-50K. However, there are intermediate signals indicating purchases, which is logical in general (consolidation after a sharp decline): Bitcoin is not falling against the backdrop of a sharp decline in the S&P 500, which indicates a more cautious game. In addition, monitoring services are recording an inflow of funds.
Bitcoin is forming a trading range with clear boundaries: 71450 - 62250. The market is still under pressure from the downtrend and the general outflow of funds. A false breakout (manipulation) of resistance could trigger a return of the price to the range and a fall within the main trend.
Resistance levels: 70000, 70550, 71450
Support levels: 65720, 62230
A retest of resistance and the absence of upward momentum may end in a false breakout, which will generally confirm bearish pressure and, in turn, may lead to a decline. However, the structure will be broken if Bitcoin consolidates above 71,500 and continues to update local highs of 72,300 (at the time of analysis, I see no technical reasons for a bullish movement).
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: telegram.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: telegram.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: telegram.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: telegram.me/RLindaSignals
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