Hello, traders! The price auction for BTCUSD has been in a corrective phase, forming a broad descending structure guided by the major Trend Line. This bearish pattern has been defined by a sequence of lower highs and lower lows, with price repeatedly getting rejected from the Supply Zone and consolidating inside the highlighted range. The market has respected both the descending supply line and the rising Demand Line, creating a well-defined compression of price action.
Currently, the auction is at a critical inflection point, with BTC retesting the Demand Line near the 85,600 demand level. After a series of volatile moves inside the range, the price is attempting to stabilize at this structural support while gradually approaching the descending trendline once again. This tightening of volatility between supply and demand suggests that a significant directional move is likely to occur soon.
My scenario for the development of events is a bullish rebound from the Demand Line, followed by a test of the descending supply line. I expect the price to attempt an impulsive breakout toward the major Supply Zone. In my opinion, a successful breakout above this zone may carry BTC toward the 92,300 resistance target marked on the chart. Manage your risk!
Currently, the auction is at a critical inflection point, with BTC retesting the Demand Line near the 85,600 demand level. After a series of volatile moves inside the range, the price is attempting to stabilize at this structural support while gradually approaching the descending trendline once again. This tightening of volatility between supply and demand suggests that a significant directional move is likely to occur soon.
My scenario for the development of events is a bullish rebound from the Demand Line, followed by a test of the descending supply line. I expect the price to attempt an impulsive breakout toward the major Supply Zone. In my opinion, a successful breakout above this zone may carry BTC toward the 92,300 resistance target marked on the chart. Manage your risk!
Trade active
As we can see, the price made a fake breakout of the ascending support line, which indicates the weakness of sellers so far, so we are watching and waiting for further manipulations.
🔶 Free telegram channel👉 t.me/heniitrading
🔥 Join our paid VIP community with Forex and Crypto signals in order to improve your trading skills, my contact 👉 t.me/henii_trader
💎 I'm open for cooperation with fix monthly payment, NO rebate
🔥 Join our paid VIP community with Forex and Crypto signals in order to improve your trading skills, my contact 👉 t.me/henii_trader
💎 I'm open for cooperation with fix monthly payment, NO rebate
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔶 Free telegram channel👉 t.me/heniitrading
🔥 Join our paid VIP community with Forex and Crypto signals in order to improve your trading skills, my contact 👉 t.me/henii_trader
💎 I'm open for cooperation with fix monthly payment, NO rebate
🔥 Join our paid VIP community with Forex and Crypto signals in order to improve your trading skills, my contact 👉 t.me/henii_trader
💎 I'm open for cooperation with fix monthly payment, NO rebate
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.