Lingrid | BITCOIN Best TIME to BUY. Long

BTCUSDT experienced a drop from the resistance level, tested the support level, and rebounded successfully. The market continues to find support within the range of 60000 to 61000. Currently, the market is moving within a descending channel, but I believe it will break out and move upwards as the overall trend is bullish. There is a consolidation zone forming just below the channel boundary, indicating a potential breakout. I anticipate a pullback towards the support level, followed by an upward movement breaking through the trendline and the descending channel. Breaking out of the channel will confirm the continuation of the bullish trend. My target is the resistance level of 67500.


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Comment:

BTCUSDT is currently pulling back from the channel boundary, with consolidation patterns still visible on the 4H timeframe. As the price falls towards the previous day's lows, I believe it will eventually bounce off the range zone and upward trendline. This level has been held in the past only to be broken and closed above it after a range zone has formed. I expect the market to pull back to the midpoint of the range zone, which will serve as a support level, before continuing its upward trajectory. My target is the resistance zone at 63000.

Trade closed: target reached