This is a sunny review of CoinDesk analyst and chartered market technician Omkar Godbole.
Bitcoin
It remains susceptible to greater collapse, lost in more than 7% from hitting high records of over $ 124,000 on Thursday.
Bullish momentum fading
The weekly chart (Candlestick format) It has been shown that the BTC’s ongoing denial follows the repeated bull failure to secure a foothold above $ 122,056, the Fibonacci Golden Ratio. It also marked the inability to maintain those acquired above the significant long-term resistance trendline that connects the high bull markets of 2017 and 2021.
In addition, the weekly stochastic oscillator rolls from the overbought zone above 80, which signed a potential correction ahead.
Sunny chart
In the daily chart, BTC’s latest candle is damaged under the bullish trendline extending from April lows, following Friday’s Bearish out of the day candle that signed a potential move towards the seller’s dominance.
Together, these technical signals indicate an increasing risk of downside for the BTC in the near term, with a potential retest of $ 11,982, the point where the market has become higher on August 3. A violation of this level will change the focus of tothe 200-day simple moving average around $ 100,000.
A potential return higher than $ 118,600 (Sunday is high) Today it will weaken the bear case.
- Resistance: $ 120,000, $ 122,056, $ 124,429.
- Support: $ 111,982, $ 105,295 (The 31.8% fib retracement of the April-August rally)$ 100,000.
