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BITCOIN → Retest 48K. Should we wait for resistance breakout?

2024-02-10 09:40 CRYPTO forecast

💡 Ideas For BTCUSD 🪙

📈 BITCOIN → Retest 48K. Should we wait for resistance breakout?

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Bitcoin confidently consolidates above 42K, thus forming an intermediate bottom, after which the price tests the currently important resistance 48234, but does not reach it and forms a rebound

BTCUSD → Consolidation after the rally. What's next?

Earlier we discussed the importance of the 42K level, which was tested by the flagman for a long time and at some point, when the market calmed down after a huge burst of selling, buyers successfully consolidate above the level, thus marking it as the strongest support at the moment, forming a bottom, strengthening to 44500 with the subsequent break of resistance and growth to the global resistance. This once again proves that the coin has huge interest, excellent fundamentals and technical analysis.

snapshot

At the moment we are interested in the resistance 47281. And we are interested in it because this level was formed earlier on D1 and was also tested. Today the price reaches this level and forms a false breakout, but the most important thing is that the daily candlestick closes very close to the level. Based on this we can assume that the consolidation distribution is not over. Buyers are strong, but after the false breakout, from a technical point of view, a pullback is needed.

The pullback could be directed towards 0.236 fibo, 45500, or 0.382 fibo.

The signal that will indicate the market's readiness to break through resistance and growth will be a pre-breakout consolidation at 47281 and whether the retest, which will be slow (slow price approach to the level).

snapshot

Prospects are excellent at the moment. There is no strong decline amid the rally since last fall. Price is moving from distribution to consolidation and further into distribution, which is a strong pattern indicating huge interest.

Resistance levels: 47281, 48234, trend resistance

Support levels: 0.236 fibo, 45500, 0.382 fibo

The trend is bullish. Friday session closing indicates that the market is ready to continue the growth, but, the formed false breakdown may give a small correction before further growth

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