BTC - 4h. The local critical point is $33,400.
Yesterday will be remembered this week as the day of the consolidation breakthrough. The sellers broke the $32000-33000 range and tested the $28,800 mark.
In our previous idea, we expected a local continuation of movement in the triangle, but globally, we expected a price drop.
The price of BTC began to slow down strongly in the range of $30700-31300. The 4-hour candle with the largest volumes looks very small, which indicates the large limit orders of buyers who restrained the price. False breakdown of this range gives buyers a chance for rehabilitation.
On the chart we have published two potential trades that we see at the moment. So far, there is too little information to determine whether the BTC price has completed its correction or not.
If buyers can't control the $33,400 mark, the decline will continue for the next week. Target $26,200.
The main problem with this scenario is $30700-31300. However, closing part of the position in this range will significantly reduce the risks. This manipulation will allow us to calmly expect the price of BTC to continue to fall.
If the price is fixed above the $33,400 mark, we see a good opportunity to trade with the $36,460 target. Whether there will be a prospect of breaking the trend line and the beginning of a new growth channel - we will see the circumstances.
P.S. we experiment with writing ideas. Today's format is new for us. If you like this format - write about it in the comments and like it. Have a good trading day.
P.S.2. Yesterday we saw the statistics of our top 11 ideas for 4 months. If you haven't viewed it yet - link below:
In our previous idea, we expected a local continuation of movement in the triangle, but globally, we expected a price drop.
The price of BTC began to slow down strongly in the range of $30700-31300. The 4-hour candle with the largest volumes looks very small, which indicates the large limit orders of buyers who restrained the price. False breakdown of this range gives buyers a chance for rehabilitation.
On the chart we have published two potential trades that we see at the moment. So far, there is too little information to determine whether the BTC price has completed its correction or not.
If buyers can't control the $33,400 mark, the decline will continue for the next week. Target $26,200.
The main problem with this scenario is $30700-31300. However, closing part of the position in this range will significantly reduce the risks. This manipulation will allow us to calmly expect the price of BTC to continue to fall.
If the price is fixed above the $33,400 mark, we see a good opportunity to trade with the $36,460 target. Whether there will be a prospect of breaking the trend line and the beginning of a new growth channel - we will see the circumstances.
P.S. we experiment with writing ideas. Today's format is new for us. If you like this format - write about it in the comments and like it. Have a good trading day.
P.S.2. Yesterday we saw the statistics of our top 11 ideas for 4 months. If you haven't viewed it yet - link below:
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okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
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