BTCUSD → Price is forming a consolidation. Retest of 0.382 fibo

29 juil. 2023

BTCUSD is in the correction phase. The market is forming a decline in volatility to the lows of the last few months. Globally we still have an ascending price channel and a bullish trend.

The price is declining to the limits of 0.382 fibo. Consolidation is formed above this line, in this case if the price continues to consolidate near 0.382 in the absence of a bounce, a breakout may follow and the price may decline to 28474 for a retest.
A positive sign for us will be a rebound from 0.382 and a breakout of 0.236 with the subsequent consolidation of the price above the level, in this case the bulls will again begin to show potential and form a retest of resistance.
The medium-term view of the situation tells us that this technical correction may continue, but not for long. The price is testing the important support area MA50 - 28474.
In the long term it is worth paying attention to strong support levels, and secondly to the resistance, because in the uptrend it is worth looking for reversal points and entry points and breakout entry at these areas.



Support levels: 0.382 fibo, 28474, 0.618 fibo
Resistance levels: 0.236 fibo, 30575
I expect the correction to continue with a possible retest of 28474, but in the long term I expect continued growth to retest 30575 with a subsequent breakout and price movement to trend resistance.

Regards R. Linda!