BTCUSDT: a seller's wall between $52,500 and $52,800

19 feb

In the chart, the seller's resistance is distinctly observed between 52.5 and 52.8. Breaching this range is essential before any discussion of further upward movement.

Simultaneously, the price drops appear more significant, suggesting an ongoing correction trend.

The support level at 51,300 remains in play, albeit weakened following the recent downturn.

It's evident that the market is nearing the end of its consolidation phase. Overall, my outlook for Bitcoin remains positive, and I anticipate a return to record highs. However, for this week, I expect a pullback to at least $49,000.

The long-term buying range is identified between $40,000 and $45,000, where I continue to monitor for entry opportunities.