BITCOIN → The flirtation with MA-200 ended in failure. To 52K?
2024-10-06

BINANCE:BTCUSD  failed in its attempt to break the daily MA-200 and 64-65K resistance. A retest of the previously broken range boundary and strong liquidity zone amid a global descending channel is forming. The crowd was in the majority, but... 

  

On W1 the promising direction of the current trend is clearly visible. The price tested the upper boundary of the channel, but the bears pushed us down rather aggressively, making us realize that there is nothing to do in the zone above 65K yet. 
One of the reasons for the btc drop we caught earlier: 94% of all BTC holders are now in profit. Dealers noted high activity in buying call options on BTC with a strike of $75000. There were also high sales of puts.
 Trick question: How to make money if the crowd is buying?  
  

 Resistance levels: 62745, 64955
Support levels: 60K, 59250, 57700 

A correction after the impulse is forming and the price may test the imbalance and liquidation zone. Having broken 62342 area earlier, we entered the panic zone, where sellers managed to grab a piece before further failure at 60K. Before the further fall, the price may go after these lucky sellers before the asset goes after the buyers on the background of the general trend. This would be considered a retest after breaking the structure. I do not see any reasons for growth beyond 64-65K at the moment, I am interested in the zone of 60K, 57K, 55K, 52K.

 Rate, share your opinion and questions, let's discuss what's going on with ★  BINANCE:BTCUSDT  ;) 

Regards R. Linda!
