BITCOIN → Trend reversal? The end of growth? Or ...
Updated
BTCUSD still maintains a bullish market structure as evidenced by the local upward channel within the broader consolidation channel. After a strong rally, the price is moving into consolidation. several possible scenarios regarding current levels and the current situation
Consolidation is the accumulation of a position. Accordingly, there can be different situations inside such a figure: traps, traps, false breakdowns, unpredictable impulses and so on. And it all has one goal - accumulation. Technically, the bullish market structure is not broken. Globally - flat. Locally - an ascending channel.
The risk of breaking the bullish structure will be if the price starts to approach 91K - 85K. Then the question about deeper correction or even reversal will become more serious, but not now.
The bulls are actively defending the boundaries of the local ascending channel and it may lead the price to retest 99-102K, but at the moment there are no preconditions for strong growth. The market will need a few days to recover its strength. Just during this period of time, the asset may show further intentions.
Resistance levels: 99K, 101.3K, 104K
Support levels: 95.9K, 91.6K
If the bears hold the defense below 99K and the price starts to fall down, then pay attention to 95.9K. Further fall or consolidation inside the channel will depend on this level.
If the bulls will be able to keep the defense inside the channel (above the support), then in the medium term we can count on the continuation of growth
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Note
The current development is a normal situation.
This applies to both altcoins and bitcoin.
There was a very strong growth, with almost no pullback or correction.
This is not the case in a normal market. Sooner or later, the market may get tired or waste its potential. And it needs energy for further life. Consolidation :)
Altcoins react strongly to even minor bitcoin corrections.
It is worth waiting a few days for the market to come to its senses.
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