RLinda ! BTCUSDT-> Global TA. What's on the chart?

10 sept 2022

BTCUSDT. Why I think that in the global perspective bitcoin has no energy for growth (I am guided by technical analysis without fundamentals and "pump" theory):


We have a global downtrend channel that started with the peak of the "H&S" pattern from November 2021. Price has tested the resistance three times without the possibility of a breakout. There is strong resistance from the daily timeframe through the channel. Resistance is formed from the left shoulder of the "H&S" pattern and was tested in March 2022. Thus, we see a strong zone of resistance, which is above the channel resistance.


Locally: price is trading in the 24100-18500 range, from the support we see a strong impulse rise, on the lower timeframe it looks like a distribution and price is expending energy for a possible breakdown of the resistance zone.

I think that the distribution might end up near the resistance area of the global channel and I expect a downside rather than upside and think that the bitcoin might be trading inside the range for some time yet. The short term target is support at 18500.

Regards R. Linda!