RLinda ! BTCUSDT-> Consolidation on a downtrend. What's next?

1 Sep 2022

BTCUSDT The price resumed a global downward movement after breaking the support of the ascending wedge. Since the breakdown, the price has fallen 18% and at this point, I believe that the key targets from the bottom have not been achieved.

You can see on the chart that price continues to decline smoothly. After a strong momentum, there was a consolidation followed by a new momentum and price is returning to the accumulation phase - a clear lack of buyback attempts and price pullbacks to critical resistance levels. What comes next? As for the global bearish channel, price is trading near the resistance zone.

My assumption is that the current overbalance of forces to the fact that the fall may continue. It is worth considering the fact that the price is still in consolidation and may trade within the range for a while longer, or make a retest of the resistance of the descending channel. False breakouts are possible, so expect a set-up when the price goes under any of these levels after the retest or a final breakout with the price fixing under the level. The targets are the 19240 support zone, the 18626 support zone and the 17622 liquidity zone.

Regards, R. Linda!