BTCUSD→ Buyback of fall, Formation of pre-breakout consolidation

Apr 29, 2023

Bitcoin after a false breakdown of the key channel resistance makes a pullback, which made many speculators nervous. This reaction was adequate from the flagship, as after the strong rally it was necessary to form a pool of liquidity for further movement.

The price after the FB falls to the 50-day moving average, making a false-break through it and forming a bounce from the 0.382 Fibo area, which played the role of a strong support zone.
The price is buying back the fall in a few days and forming another retest of the uptrend channel resistance.
At the moment a consolidation is forming near an important level.
The price is squeezed in the range between 28000 and 31000 (marked with blue and red line). In the medium term, I expect a breakout of the upper boundary of this range with a subsequent rise to 36000.

Strong support: 28600 (false-break), 28329 (false-break) and 26655 (false-break).
Strong resistance: the upper boundary of the uptrend channel (break-up strategy), the 30000 level (break-up strategy) and 30575 (break-up strategy)

I suppose that the price may now form a consolidation near resistance of the key channel, but in the medium term I expect a breakout of the key line, a breakout of the upper border of the range mentioned above and growth towards 32376, then to 36000.

Sincerely R. Linda!

Apr 29, 2023

Trade active

May 1, 2023

Note

Another retest of global channel resistance was unsuccessful. The price descends to support (to the key Fibonacci zone)

May 5, 2023

Note

A symmetrical triangle is forming on the background of the uptrend.
Price continues to return to the resistance retest after false breakouts.

Another retest and breakout attempt could be successful