R.Linda Trading - forecast

BTCUSD → The potential for a rise to 50K is accumulating

CRYPTO forecast
💡 Ideas For BTCUSD🪙

📈 BTCUSD → The potential for a rise to 50K is accumulating

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#BTCUSD is forming a good potential and prerequisites for further growth. The key resistance is the level of 44350, and the price continues to actively test this area.
On the high timeframe we see the formation of a global range. The potential target from the point of view of technical analysis at the moment is the upper boundary of the range 65K - 70K, where a huge pool of liquidity is hidden.

Fundamentally, bitcoin is doing quite well, as the SEC has recently been actively cooperating with companies that have applied for a spot ETF. (rlinda . com) Analysts expect the first BTC-ETF to be approved in early January 2024: some sources have indicated that recent indications from SEC officials are that the green light is likely to be given by January 10.
In terms of technical analysis, an ascending triangle is forming on the chart. The key resistance of the pattern is the area of 44350 - 44500. (rlinda . com) This pattern can be interpreted as an active accumulation of buyers' potential for further overcoming the limit resistance formed by sellers. The price keeps testing the resistance and getting closer to the resistance.

At the moment there are two possible scenarios:

1. Retest of 43440 support, formation of a false breakdown with further retest of global pattern resistance and its breakout with further growth.

2. Deeper correction: retest of the resistance of the previously broken ascending channel with further rebound and retest of the global resistance with the aim of its breakout.

Support levels: 43440, 41664, 41200

Resistance levels: 44350, 48234

I expect that consolidation will end soon and the market will move to the phase of realization and growth to the specified target.