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BTCUSD → Triangle. Resistance 28650. Ready for...

2023-04-08 08:50 CRYPTO forecast

Bitcoin has been in a narrow consolidation for 3 weeks. The upward price channel, numerous retests of resistance and absence of decline determines quite interesting prospects.

The chart clearly shows the formed ascending price channel and prolonged price consolidation in the resistance zone. We do not observe the standard situation - falling after testing. The price forms a prolonged consolidation and retests resistance for a breakout. The asset is gaining liquidity due to narrow pro-trading.

Breakout of this consolidation in one direction or the other can form an active momentum and within a few days the price can reach the specified target.

I expect growth due to such factors as:

•no reaction to a false break of resistance

•prolonged consolidation next to the resistance

•lower volatility and liquidity collection

•multiple resistance retests

Strong support levels: 26750 (false-break-down strategy), 24920

Strong resistance levels: 28615 (breakout strategy), 3000 and 35443

I expect that soon after the new retest of 28615, the price will finally break the resistance and the bulls will start the realization of the accumulated liquidity. The short-term target is 30000-32000, the medium-term target is 35443 (1.618 Fibo level)

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