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R.Linda Trading - forecast

BTCUSD (Bitcoin) - False Breakout & Bearish Engulfment ↓

2024-10-22 08:19 CRYPTO forecast

💡 Ideas For #BTCUSD 🪙

📈 False Breakout & Bearish Engulfment ↓

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BTC entered a strong buying zone (68900) within the rally. BUT, the expected growth did not happen, the bulls could not realize the potential. A bearish engulfment of the last three bars is formed and actually - a false breakdown of the descending resistance...

The growth formed from 59K is partly connected with the election race in the USA, economic revival in China, as well as economic news. But apparently, this energy is not yet enough for the price to easily overcome 68-69K with a target of retesting 71-73. The resistance zone of 68.4-69.4 is putting pressure. Buyers are taking profits, while bears, seeing the strong resistance zone, are trying to resist.

The structure will break down if the price breaks 69400

At the moment, we see a bearish engulfment forming relative to the previous three bars, and this is a strong enough signal. Consolidation below resistance is forming, a small correction may be formed, the first target of which may be 65K, then 61-58-57.

Resistance levels: 68400, 69400, 71500

Support levels: 66500, 65000

After the false breakdown, the price consolidation is formed below the resistance, which indicates the pressure from the sellers. This may provoke further downward correction.

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