Lingrid | BITCOIN building LIQUIDITY. Long from the SUPPORT zone

The price of BTCUSDT is consolidating after rebounding from the support level. Usually, the market forms a range zone after an impulse move. I think the market will break the range zone, not upside but downside, to collect the orders to move higher. In the crypto market, it is classic price action when the market moves sideways, building liquidity above and below. It deepens, then moves higher. I expect the market pullback to support the level where impulse moves were made, then retest the higher levels, potentially making all-time high. My target is near the channel border at 75600


Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Comment:

BTCUSDT   market fell, reaching the support level. It is trading above the key level. We can see that bearish momentum is fading out as it approaches the channel border. At this point, we have two scenarios where price action makes a spike down, forming a short squeeze. Or we can slowly move upward. The price is luring market participants to open short positions in order to use them to move higher because it needs fuel to make a new high or at least retest the recent higher highs. However, if it breaks and falls lower, we expect the price move towards the 57K - 58K levels. My goal is resistance zone 68100.

Comment:

BTCUSDT is still uncertain at the support level following the drop from the resistance zone. It is worth mentioning that it is forming a triangle pattern on the daily timeframe. I think the market will form a compression channel, a breakout of which is expected to lead to growth. The market responded to the key support at 65K by bouncing off. If it stays above it, it is most likely to move up to retest the top of the channel. On the daily timeframe, the price is forming a doji candle. The break-through of the candle will lead to an upward move. My goal is middle of the range zone; resistance at 69500.

Trade closed: target reached:

TP was hit