Lingrid | BITCOIN false BREAKOUT of the SUPPORT level

8月12日

The price perfectly fulfills my previous idea. It hit target level. BTCUSDT has taken liquidity below July's low and the support level at 50K before breaking through the resistance at 60K. On the weekly timeframe, the market closed bullish with a long wick downward, indicating buying interest, but the presence of a smaller wick upward suggests there was also selling pressure. The market has made approximately a one-third correction of the recent bullish move, and I believe it might enter a short-term accumulation phase around the 60K price level. However, if we see a strong impulse move upward, it could signal further bullish momentum, potentially propelling the price toward the channel boundary. Monitoring price action around the 60K level will be crucial to determine the next directional move. My target is resistance zone at 65400.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻