BITCOIN → From consolidation to distribution. Market weakness
BTCUSDT.P is moving from consolidation to a correction phase. The price broke through the support zone of 114.5–115.5, closing within the Friday trading session in the sell zone...
Previous idea from July 22: BITCOIN → Consolidation and compression to 116K. Correction?
The fundamental background is shifting to neutral, the hype has temporarily ended, and there are no bullish drivers yet. And for the health of the market, a correction is needed. Bitcoin is breaking the neutral consolidation structure. The previous trading session closed below the support range, which generally indicates market weakness. Despite the global bullish trend, Bitcoin is moving from consolidation to a correction phase, with 112K - 110.5K serving as points of interest in this case. Before the fall, liquidity may be captured in the 114K - 114.800 zone.
Resistance levels: 114.05, 114.85, 115.67
Support levels: 112.03, 110.48
After a strong movement, the market may enter a correction or local consolidation, during which it may test the specified resistance zones before continuing its downward movement to the zone of interest and liquidity at 112 - 110.5.
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Bitcoin declined without any pullbacks. The market was quite weak at the time. Perhaps it had enough potential for such a decline.
After touching 112K, a rebound reaction is forming. The focus is on 114K - 115K. A false breakout could trigger a downward rebound.
Trade closed: target reached
After reaching its low, the price returned to the zone of interest at 114.8–115.6, forming a false breakout.
There is a chance that the described scenario will play out if consolidation forms around the 114,000 support level, followed by a breakdown of the support and consolidation of the price below 114k.
In this case, pressure on the market may intensify, leading to a further decline to 112-110K.
HOWEVER, a rebound from support and a retest of 115.6 could change the local market character, which could lead to growth
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🌹TRADING is a CASINO💔!?
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Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.