FX.co ★ teagan.orn | #Bitcoin chart analysis

#Bitcoin / Bitcoin / BTCUSD For bitcoin, sellers were not given the opportunity yesterday to continue the impulsive downward movement, and as a result at the close of the day a regular candle was formed that closed within the previous daily range, forming from the support level, which according to my layout is located at 74934, a candle combination in the form of an inside bar. Given the current setup, I quite allow that sellers may take advantage of any manifested weakness of buyers today, and in this case I shift my focus to the resistance level, which according to my layout is located at 81000. Near this resistance level there may be two possible scenarios. The first scenario is associated with the price holding above this level and further movement upward. If this plan plays out, then I will expect the price to advance to the resistance level located at 84781. If the price holds above that resistance level I will expect further growth up to the resistance level located at 87378. Around that resistance level I will wait for the formation of a trading setup that will help determine the further direction of trading. There is also the option of reaching the northern target which according to my layout is located at 90493, but here we will need to see the situation, and everything will depend on the backdrop that develops during the price movement and how the price reacts to the indicated distant northern targets. An alternative scenario for the price movement when testing the 81000 resistance level would be a plan involving the formation of a reversal candle and the resumption of the downward movement. If this plan is executed, then I will expect the price to return to the support level located at 74934, or to the support level located at 72509. Near these support levels I will continue searching for a bullish signal in anticipation of the restoration of upward price movement. In short, for today I can quite reasonably assume that the price may be impulsively pushed north toward the nearest resistance level, and then I'll watch how the market situation unfolds.