BTCUSD → A logical correction will test a strong support area

2023年8月5日

BTCUSD continues to form a global ascending price channel. The actual counter-trend correction at the moment does not indicate any change of trend, an adequate reaction to the strong resistance area formed back in 2021 is being formed.



The price on the daily chart is forming a local support line 28850, a pre-breakdown consolidation and false breakdown is formed, there is no reaction in the form of a rebound, and the price continues to form a squeeze to the support. In the near future 28850 may be broken and the price will test 28450, a false breakdown is possible. Also within this correction the price may test the support of the ascending triangle and 200-day moving average. The price may technically decline in order to purchase the asset at more favorable prices.
The cryptocurrency market emphasizes more on fundamentals than on technical analysis, it plays a secondary role in this partnership. Crypto players are waiting for some news to activate the movement in one direction or another.



Interesting nuances recently:

• 1) Approval of the spot BTC-ETF will lead to billions of dollars of non-investment inflows into the market
  
• 2) The government has stepped up BTC protagging for June-July
  
• 3) Mainers collectively stopped selling and started accumulating BTC. Their reserves are growing
  
• 4) Minimal liquidity is accumulating strong consolidation. A surge in volumes may follow in the near future
  

Strong support levels: 28850, 28450, figure support, MA-200
Strong resistance levels: 29650, 30575, figure resistance.
This correction is a logical move in the market. The price can't grow all the time. I expect bullish activity after retesting the support area.

Regards R. Linda!