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BITCOIN (BTCUSD) - The rally is manipulation. U-turn and down to 52K?

2024-10-12 09:55 CRYPTO forecast

💡 Ideas For #BTCUSD 🪙

📈 The rally is manipulation. U-turn and down to 52K?

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BTC confirms the bearish market structure. After the 59K retest, the price rallies 7%. There is no technical or fundamental explanation for this market manipulation: 6K down, $ 4K up, 5K down, $ 4K up within the last two weeks...

Bitcoin is still trading within a sideways range of 65K - 52K. The last resistance retest ended in a false breakdown and a price drop of 11% to 59K. Also, the local change of the market character (price confirms the downtrend) to bearish and formation of the downtrend channel (I remind about the downtrend on D1-W1) plays an important role.

Emphasis on resistance 63400, 64130, 65000, possible retest or false breakdown followed by downside realization as we still have not reached the key liquidity zones....

Resistance levels: 63400, 64130

Support levels: 61320, 59000

The price is testing the resistance zone as part of the rally. There is no accumulation or technical potential to overcome this area for further growth. Within the bearish trend, the buyer does not show dominant signs and with high probability it will be stopped in the key zone. A reversal and decline to the lower zone of the sideways range is possible...

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