BTCUSDT ! Bitcoin is in a stalemate. Up or down?🤯

28 de jul. de 2022

Bitcoin is in a stalemate. There are a few things on the chart that could be misleading: things that are related to uptrend, such as local uptrend channel and strong reaction from support levels, and things that are related to downtrend: false range boundary breakdown, no update of local lows and adequate reaction to resistance levels.

In the last 24 hours bitcoin formed a very strong distributive momentum to test the resistance at 23360, I think that the coin does not have the energy to continue rising at the moment.

There are two scenarios, red and green:
Relevant at the moment is red: price has made a false break of 23360 range resistance and is consolidating under the level, but if the price fails to maintain the position and rises and breaks 24200 level and consolidates above, then we can think about executing the green scenario. I have indicated the targets on the chart.

Regards R. Linda!