BTCUSD short term retrace before retesting ATH

Looking at higher timeframe and lower 4hr time frame, it appears we have a local top forming where BTC is struggling. We should expect a retest of support.

To me it looks like buyers are taking a break and letting the price consolidate for accumulating before retesting highs once again.

ความคิดเห็น:

We seemed to have experience the "breather" room. My arrows failed to depict what i thought would happen, however the price consolidated in the upper range i outlined.

The upper bound range became a consolidation period where the price broke out but FAILED to hold that range as support(failing to flip) before breaking back down into the range. Once it did break out a second time, we held support and were off to the races to make a brand new ATH.

Since the ATH, sellers stepped in and we saw significant amounts of liquidity on the sell side which brought us back down to our outlined range. We are still trading within the range and if we can flip this range, the next target is ATH price point. ONly time will tell if this range can be held as support. I believe we are seeing signs that this is starting to show we have defended this area and are getting ready to move higher.

As always - crypto can be unpredictably predictable and it can go any which direction, incredibly fast.