BTCUSD → False breakdown inside the historical range

3 באוק׳ 2023

BTCUSD 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 ( SPY ) , 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

BTCUSD BTCUSD ETHUSD ETHUSD DXY SP500 SPX

Regards R. Linda!