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Saturday, April 29, 2023

BTCUSD→ Buyback of fall, Formation of pre-breakout consolidation

BTCUSD→ Buyback of fall, Formation of pre-breakout consolidation

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

Bitcoin after a false breakdown of the key channel resistance makes a pullback, which made many speculators nervous. This reaction was adequate from the flagship, as after the strong rally it was necessary to form a pool of liquidity for further movement.

BTCUSD → A logical correction of the ABC. Mid-term - Long ↑

The price after the FB falls to the 50-day moving average, making a false-break through it and forming a bounce from the 0.382 Fibo area, which played the role of a strong support zone.
The price is buying back the fall in a few days and forming another retest of the uptrend channel resistance.
At the moment a consolidation is forming near an important level.
The price is squeezed in the range between 28000 and 31000 (marked with blue and red line). In the medium term, I expect a breakout of the upper boundary of this range with a subsequent rise to 36000.

Strong support: 28600 (false-break), 28329 (false-break) and 26655 (false-break).
Strong resistance: the upper boundary of the uptrend channel (break-up strategy), the 30000 level (break-up strategy) and 30575 (break-up strategy)


I suppose that the price may now form a consolidation near resistance of the key channel, but in the medium term I expect a breakout of the key line, a breakout of the upper border of the range mentioned above and growth towards 32376, then to 36000.

Sincerely R. Linda!Via TradingView Ideas https://ift.tt/SZk8eFz

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