Lingrid | BITCOIN potential FAKEY formation

The price perfectly fulfilled my last idea. It hit the target level. In my educational post, I explained what a fakey pattern is. It is basically a fake breakout of the triangle formation. As you can see, trending markets are prolific with continuation patterns. After forming the triangle formation, the market spikes down to collect orders, then moves higher, making all-time highs. This time, the BTCUSDT might move down to shake out weak hands. I think the market will continue compressing until the end of the week. Next week, we can experience high trading volume and fluctuations. My long term goal is resistance around 77600.

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

Comment:

The price perfectly fulfilled my last idea. The market broke the triangle formation on the daily timeframe. BTCUSDT also broke, and we fixed the key level at 70K. Before that, the market formed a small range, and I think the market might retest the middle of the range, which is the key support level. We have to pay attention to the daily close. If the market closes below the support level, it means that a deeper pullback might occur. My target is the resistance zone at the 74K level.

Comment:

BTCUSDT  pulled back to the entry area following the impulse leg. If the support holds the price and rejects it, we can expect it to move upward. As bitcoin halving approaches, I think we're going to see more and more turbulence in the markets. Overall price action is in the range zone, and even though the price did not reach the resistance zone, there is still room for growth. I think the market will seek liquidity below the key level at 70K then move upwards. My goal is the resistance zone at 73000.