BTCUSDT is trading in a fairly wide range of 100,600 - 110,400. The market is stagnating due to fundamental uncertainty, but the risks of a decline are quite high.
After the escalation of the conflict in the Middle East, Bitcoin broke the bullish structure on the market and managed to test the local level of 102500, from where a fairly aggressive phase of buying out the fall began within one trading session.
The market is defending the structure quite aggressively. The chart shows a local range forming with strong levels at 102500 and 106200.
Accordingly, the price may remain in this range for a long time (in which case an intraday trading strategy can be considered).
However, if Bitcoin starts to stick to one of the boundaries, then we can consider the price leaving the range, but based on the structure of the uptrend, correction, and the formation of a buyback bar, it would be logical to see an attempt to break through resistance with the aim of continuing growth.
Resistance levels: 106200, 108200, 110400
Support levels: 102500, 100600
On D1, there are no prerequisites for a strong decline. The market is buying up knives and trying to stay afloat (in consolidation).
In the medium term, there may be an attempt to retest 102500 - 100600 due to the liquidity pool. But locally, the market may form an attempt to grow to 108200
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
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