BTCUSDT is stuck within the trading range of 112K - 123K. The false breakout of the ATH ended with a reversal of the local trend and a bearish distribution phase, which may target the liquidity zone at 112 - 110K.
The market remains bullish, with no fundamental changes for the cryptocurrency market and the situation remaining positive. Technically, we are seeing a countertrend correction within the bullish trend. Bitcoin is in a distribution phase.
A local downward trend is forming, directed towards the zone of interest 112 - 110K. After a local upward correction, the downward movement may continue due to an imbalance of forces and a high level of profit-taking.
Globally, on D1-W1, Bitcoin is within a neutral trading range within a bullish trend. A retest of the liquidity zone of 112K-110K may end with a long squeeze and a fairly aggressive reaction from buyers, but this can only be judged after the fact, following a retest of the specified zone.
Resistance levels: 114.600, 115680, 117000
Support levels: 111910, 110400
The downward movement is purposefully heading towards the zone of interest. Earlier, in early August, the market tested the specified level (previous ATH), but technically did not reach the liquidity zones. There is a fairly high chance of a retest of 112 - 110K before the market attempts to grow.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
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