💡 Ideas For BTCUSD 🪙
📈 BITCOIN → Rally stop. When do we reach $69 000 - $70 000?
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BTC is testing 64K on the background of the rally triggered by the huge buying interest and is likely to enter the consolidation phase again. There is a little more than 10% to the global target, when will we reach it?
📈 BITCOIN → Rally stop. When do we reach $69 000 - $70 000?
➖➖➖➖➖➖➖➖➖
BTC is testing 64K on the background of the rally triggered by the huge buying interest and is likely to enter the consolidation phase again. There is a little more than 10% to the global target, when will we reach it?
The prospects for BTC are quite high as BTC-ETF advertising campaigns, trading volumes, records in ETFs, buying interest in both BTC and BTC-ETFs together continue to gain momentum.
BTCUSD is testing 64K quite a bit faster than everyone expected back in January-February. The strong distribution is once again transitioning into consolidation. At the moment, intermediate and global targets are 64900, 67800 and 69000.
Strong support zones are the 50-52K zones and the places where strong lines are crossed. Based on market data, a huge amount of BTC was bought here, which makes this area an intermediate market bottom.
Also worth noting is the 59K-60K support, similarly, there has been huge buying in this area, which also identifies this area as an intermediate bottom and strong support.
BTCUSD is testing 64K quite a bit faster than everyone expected back in January-February. The strong distribution is once again transitioning into consolidation. At the moment, intermediate and global targets are 64900, 67800 and 69000.
Strong support zones are the 50-52K zones and the places where strong lines are crossed. Based on market data, a huge amount of BTC was bought here, which makes this area an intermediate market bottom.
Also worth noting is the 59K-60K support, similarly, there has been huge buying in this area, which also identifies this area as an intermediate bottom and strong support.
As for local prospects.
The 64K-60K range is being formed. This range plays the role of consolidation while the price is restrained by its borders. On the background of price stoppage after strong growth, GBTC outflows increase again, some resistance area is formed, as well as strong liquidity below the local lows.
While the price is in consolidation, all these areas of liquidity will be liquidated, the price may test the support of 61K, 60K, 59500, as well as 0.236 fibo or even 0.382 fibo. Inside this range, between 64-60K, it is not worth to open trades, the best choice will be strong support areas.
As for selling: Against the backdrop of a strong trend, selling should be treated very carefully. I would recommend waiting for a test of ATH - 69K. Or the formation of strong preconditions to break the support of the current consolidation (59500-60500 lvl). A strong rally is unlikely to break 69K from the first time. The price will either form a deep correction or there will be another consolidation range. But we will discuss this after the retest of the high.
Support levels: 60500, 59600, 57600
Resistance levels: 63300, 63600, 64900
Consiliation is likely to be formed now and this phase should be considered on H1-H4 timeframes. Within the consolidation there may be retests of deeper levels, as well as false breakdowns of strong zones
The 64K-60K range is being formed. This range plays the role of consolidation while the price is restrained by its borders. On the background of price stoppage after strong growth, GBTC outflows increase again, some resistance area is formed, as well as strong liquidity below the local lows.
While the price is in consolidation, all these areas of liquidity will be liquidated, the price may test the support of 61K, 60K, 59500, as well as 0.236 fibo or even 0.382 fibo. Inside this range, between 64-60K, it is not worth to open trades, the best choice will be strong support areas.
As for selling: Against the backdrop of a strong trend, selling should be treated very carefully. I would recommend waiting for a test of ATH - 69K. Or the formation of strong preconditions to break the support of the current consolidation (59500-60500 lvl). A strong rally is unlikely to break 69K from the first time. The price will either form a deep correction or there will be another consolidation range. But we will discuss this after the retest of the high.
Support levels: 60500, 59600, 57600
Resistance levels: 63300, 63600, 64900
Consiliation is likely to be formed now and this phase should be considered on H1-H4 timeframes. Within the consolidation there may be retests of deeper levels, as well as false breakdowns of strong zones
