Bitcoin Analysis and Strategy Today
Diupdate
The shakeout spurred by panic over bad data in the US market a few weeks ago is redeemed. False breakout leads to a rise to 62K, which defines the local range, forming a strong resistance and the beginning of a local correction. Within the correction, the price is testing 0.5 Fibo and the bulls are actively holding the price above this area, indicating that they are not ready to let the price go beyond this area yet.
So, the focus is on the consolidation of 62K - 56K.
How long will the price trade in this range? As long as it wants, until MM gathers the necessary potential
But, after support retest, false breakdown and liquidity capture, MM has another target - liquidity above 68K - 69K, therefore, we have a high probability to catch strengthening to the channel resistance (69K - 70K)
Support levels: 0.5 Fibo (56K), 53500
Resistance levels: 59700, 62500, 70K
A break of the local resistance may give an impulse to 62350. Next, we need to watch the price reaction at 62500. If the price will not pullback, but will start consolidating and squeezing, then we should wait for the breakout and growth to 70K
So, the focus is on the consolidation of 62K - 56K.
How long will the price trade in this range? As long as it wants, until MM gathers the necessary potential
But, after support retest, false breakdown and liquidity capture, MM has another target - liquidity above 68K - 69K, therefore, we have a high probability to catch strengthening to the channel resistance (69K - 70K)
Support levels: 0.5 Fibo (56K), 53500
Resistance levels: 59700, 62500, 70K
A break of the local resistance may give an impulse to 62350. Next, we need to watch the price reaction at 62500. If the price will not pullback, but will start consolidating and squeezing, then we should wait for the breakout and growth to 70K
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