R.Linda Trading - forecast

Trading signals for #BTCUSD → False breakdown inside the historical range

CRYPTO forecast
💡 Ideas For BTCUSD🪙

📈 BTCUSD → False breakdown inside the historical range

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BTC continues to form a global ascending price channel. After the retest of one of the important support levels, a new bullish potential appears

On the chart I have marked the range 31400 - 25400. Earlier we saw a correction to the support area and a false breakout of the level, which gives the market a new potential. The indicated range plays a key role for pricing. The boundaries of the range appeared back in the cryptozyme - from May to July, in times of strong decline, now these boundaries are confirmed. In fact, only the resistance of the specified range 31400 separates us from a strong further growth to 35000-40000. At the moment, the price is testing the 28500 area and forming a correction to 26700, the local correction wave at its end may give a reversal and growth to 31400 for another retest of the key resistance. From the fundamental point of view, a strong push for strengthening will be given by the SEC approval of BTC-ETF, but they are not in a hurry yet. The moving averages have recently formed a bearish signal, but within a consolidation formation, in which case the strength of the signal is not so obvious. The market is waiting for something strong and continues to consolidate.

Support levels: 26700, 25400

Resistance levels: 28500, 30200, 31400

At the same time bitcoin feels more confident than the same SP500, whose correlation has been quite strong lately. At the same time, on the background of strengthening of the DXY, the value of the asset is also growing

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