BTC 1D. Is there any strength to continue growth to $13,870?

23 Okt 2020

Hello everyone) We are glad to post our thoughts on the BTC situation again.
Our previous idea didn't work out and the assumption of a double top formation turned out to be false.
Buyers with a slow but steady diagonal consolidation broke the critical level $12,500, which was untouchable from 18 August.
Of course, behind this level there were a huge number of traders stops who were in short positions and it served as new fuel for continued growth.

The daily candle from 21 October closed quite confidently, but the continuation of the same confident growth, which everyone was waiting for, did not happen. The next daily candle with increased volumes does not look so aggressive at all, which suggests the thought "Will buyers be able to keep the level that they have so gracefully broken?"

At the moment, the price continues to trade in the channel, the upper trend line of which borders at $13,870.
Consolidation was formed locally, as a result of which the price has two ways:

• Having fixed above $13,100, buyers will continue to raise the price to $13870;
  
• Having broken $12,600, the price will continue to fall to $11,385.
  

Of course, it is wise now to watch and take the winning side, which is what we are doing. However, looking at the monthly timeframe, one can assume that there is global consolidation in the market. And we cannot afford to sincerely believe in the continuation of the growth trend without an alternative.

What do you think about the situation?
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