BITCOIN → Trend reversal. Is there a chance for growth?

20 Okt

BTCUSDT.P is breaking the trend and local market structure, forming a rally. Giving hope to buyers, we see a strong reaction from the Asian session. Are the bulls returning?



The fundamental background is unstable; if Trump continues to escalate the trade war, the cryptocurrency market may close within the range. However, technically, we have positive signs of a bull market. BTC is breaking through the resistance level of 107,350 and entering a rally, which only confirms the change in trend and the breakdown of the structure. Since the Asian session, the price has strengthened by 3%, and a retest of the nearest strong resistance at 112K-113.6K could lead to a pullback before growth.
Globally, there is bearish pressure, but if the bulls can hold their defense above 110K, then in the medium term, the market will be able to fight for the 115K-120K zone.

Resistance levels: 111960, 113600, 115730
Support levels: 109700, 109200

In the short term, I expect a false breakout of the specified resistance and a correction of 1/2 of the local impulse, i.e., a retest of the 110K - 109200 support zone, which, in turn, could lead to another bullish run to 115K - 120K.

Best regards, R. Linda!

21 Okt

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23 Okt

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