BTCUSD → Expected correction within consolidation

22 июл. 2023 г.

BTCUSD forms a false breakdown of the key resistance after which the format of the movement passes into the correction phase. The price is consolidating between 0.236 and 0.382 fibo

Paying attention to the chart we see the continuation of the ascending price channel formation. The price indicates a rather high interest on the part of buyers, as the price after long consolidations continues to strengthen and does not give deep corrections.
A correction is forming within the new movement, which may reach 0.382 fibo in the near future. The rebound within the bullish trend can follow both from this level and from the level below - 28474.
The trend at the moment is bullish, although recently the price has not reacted much on the hype around BTC-ETF, but the potential is still on the side of buyers.
The hash rate continues to grow, glassnode in its reports claims that the price is coming out of the capitulation mode, SEC accepts applications of funds for spot BTC-ETFs for consideration - these nuances give some bullish prerequisites.



Support levels: 0.382, 28474, 0.618.
Resistance levels: 0.236, 30575
I expect the correction to continue, I don't think this movement will last long. Another retest of the nearest strong resistance will provoke a new impulse. In the medium term I expect a retest of 30575 and growth to 34000.

Regards R. Linda!