RLinda ! BTCUSD-> September closed under the critical point!

1 ต.ค. 2022

In front of you is the global BTCUSDT price chart.
Over the last year we see an interesting situation - the release of positive news, at the end of 2021 and an attempt to increase the price, the testing of global highs, followed by updating and the price is testing the 69000 mark
Closing on higher timeframes occurs under a strong resistance zone, indicating a false breakdown, which forms a new momentum from July 2021.
From 69000 to 17600 price makes a 75% drop and the first test of the strong support level formed in late 2017.
From the support level of 19800 we see a very weak reaction, compared to the strong drop, in which the price returns to retest this level and in September Bitcoin breaks through the level of 19800 and for the first time the price closes under the level.
This level is a critical point, the reaction from buyers is strange and at the moment the price trades and consolidates under the level.
Let's get to the bottom of this!



Price is pushing up against support (to the 19800 limit zone).

• The monthly candlestick "June" is testing the support of 19800 with a false break. It is logical to expect a pullback, but it is not happening.
  
• The new "July" candlestick is smaller and closes above the open at 23400.
  
• The next one, August, is the same and closes very close to
  
• "September breaks the level." Also worth noting is the strong volume spike in September, which is the highest of all time.
  

Is a long scenario possible?
The price has tested the resistance and is forming a retest, but it is worth noting here that the price is trading in a range and essentially gaining strength for a further move.
Earlier there were attempts to test the resistance, but everything ended with a touch and there was no breakout attempt as such (in the form of a false breakout).
I think this scenario could be, but the market will have to try hard to change the trend[/I]



The price is in a range again and we see a decrease in volatility - the price goes into a consolidation phase after the shakeout
It is worth paying attention to the two trend lines - the price at the moment most of the time is under them - when trading only from the trend lines, traders are oriented to sell when the price is under the lines. Should we expect the price to fall from the level of 19800 to 17600?



On the chart, in terms of technical analysis, we see the retest of the price of two resistance levels: the first global, formed in November 2022, the second local, formed inside the local downtrend channel, which direction coincides with the direction of the global trend.
After testing, the price consolidates under the resistance area.
What will happen next?
I continue to expect fall. I consider support 17622 as a medium-term target

Sincerely R. Linda!