Lingrid | BITCOIN long from the BOTTOM of the RANGE zone

The price hit the target level, but at first it went up before falling downward. BTCUSDT is still in the consolidation zone on the daily timeframe. The market is heading towards the support level, which is the fourth approach to the support level. I think that in order to see a real bullish move, the price has to go below the 60000 key level. It is testing the previous monthly lows. The perfect scenario would be if the market forms a fake breakout of the PML. I expect the market to move upward from the bottom of the range. My goal is a resistance zone at 66500.00


Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Trade closed: target reached:

BTCUSDT closed below the previous open price. On the daily timeframe, the price formed a two-legged pullback from the resistance. The market has entered the buying area. A long-tailed bar or engulfing candle is going to be a nice buy confirmation that will show a high likelihood of the price bouncing off the support level. Alternativly, the market may go sideways, forming a range at the support level for accumulation. I expect the price to form a rejection candle and then move higher. My goal is resistance at 62890.00

Comment:

BTCUSDT took liquidity below the March and April lows, which are equal lows. On the daily timeframe, the price formed an inside price action pattern. As I mentioned yesterday, the market went sideways. I think the market might keep moving sideways, building liquidity above and below the range zone. If the market makes a false breakout of the 57000 support level, the market is most likely to move upward toward the channel border. I expect the price to break through the range zone and move higher. My goal is resistance at 61000.

Comment:

BTCUSDT is testing the key resistance level. The market formed small, followed by a break, and closed above it. Price action made fake breakout of the April lows. If the market stays above the 59000 support level, most likely we'll see a bullish move up to the 67000 resistance zone. On the daily timeframe, the price formed an inside formation. We should pay attention to the previous day's highs and lows because if the market fails to close above the PDH, then bitcoin might retest the lower lows at 56500. I expect the market to break through the 60000, and probably it will happen on the weekend. My goal is a resistance level at 61500

Trade closed: target reached:

BTC moved upside, reaching the target level, and probably will reach the original target level.