BITCOIN → There's a conglomeration of resistances ahead: 65-69K
2024-09-21

BINANCE:BTCUSD  is forming a bull run amid a 0.5% cut in US interest rates, but investors' fervor may be cooled quickly enough by new economic news. The situation is not as simple as it seems....

  
 It's also the most likely scenario 

We need to be careful as the price is approaching a conglomeration of strong resistances. Pressure could come from both the 65K area, which is still untested, and the area above - 68K - 69K. Let me remind you that globally bitcoin is in a descending channel. Globally ( D1-W1 ) the asset looks good for continued growth, but locally ( D1-H4-H1 ) I don't see any signs that the market is ready to overcome the resistance zone above. 
Trades may get nervous ahead of next week's new news: SP PMI, DGP, DGO and Fed chief's speech. If the indicators become sharply unpredictable, all the speculators' bullish fervor may cool down very quickly and in that case we may meet the correction phase amid profit taking....

 Resistance levels: 64K, 65K, 68K, 69K
Support levels: 62750, 61300, 59400, 57730 

Now, above 62750 a consolidation is forming. If the price does head towards 64-65K, we should keep an eye on the global resistance. But, if bears sell the price down and bitcoin consolidates below 62750, then an impulse to the nearest liquidity zones may be formed.

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

Regards R. Linda!