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R.Linda Trading - forecast

BITCOIN - False breakout of resistance on a downtrend

CRYPTO forecast
💡 Ideas For #BTCUSD 🪙

📈 False breakout of resistance on a downtrend

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BTC is consolidating in the range of 86K - 92K, bears are holding resistance amid a global downtrend, traders lack drivers...

Fundamentally, sentiment in the crypto market is weak, and there is increasing talk of a crypto winter, especially among companies that previously actively bought cryptocurrencies for their balance sheets. There is no bullish driver at the moment.

Bitcoin is in a neutral state, with the market holding the price below 93K. The fundamental background is unstable, and technically, the market is in a downtrend. A reversal pattern is forming relative to 92K, and a retest and false breakout of the zone of interest could trigger a decline to the support range.

Locally, we are seeing an upward channel, but this is a correction against the backdrop of the global trend. If the bears keep the price below 92K, the decline may continue. However, a breakout of 94K and a close above that level could trigger an upward momentum...

Resistance levels: 91850, 92700, 93700

Support levels: 88000, 86300

A false breakout and price consolidation in the short zone could cause further sell-offs towards the areas of interest located at the bottom of the trading range