Main Points:
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BTC’s faces sell $ 120,000, but the bulls do not have a lot of soil, indicating a breakout to the new highs.
Bitcoin (Btc) turned away from $ 120,000 objection on Wednesday, indicating that the bears were fiercely defending the level. Failure to break above overhead resistance resulted in net outflows of $ 285.2 million in the past three days in the US based in the area exchanged funding (ETF), per Farside investor Data. That suggests that investors have been careful in the near term. However, a positive signing is that Bulls did not allow the price to sink below $ 115,000.
What are the important levels to watch over the near term? Let’s review the charts to find out.
Bitcoin’s price prediction
Bitcoin gets a cheek between the 20-day simple moving average ($ 115,961) and the overhead resistance of $ 120,000.
The irritating 20-day SMA and the relative power index (RSI) in the positive zone indicates that the path of at least resistance is upside down. If consumers push the price above $ 120,000 to $ 123,218 zone immunity, the BTC/USDT pair can continue to support. The pair could have saved $ 135,729 and eventually to $ 150,000.
The first sign of weakness will be near the bottom of the 20-day SMA. That indicates the bulls provided and booked the income. The pair can go down to the neckline of the opposite head-and-and-shoulder pattern and then at $ 110,530. A break and near the bottom of $ 110,530 can tilt the advantage in favor of the bears.
Related: XRP Tanks 10% but ATH Comeback is still played: Bitpands Exec
Both moving averages are flatten out, and the RSI is close to the mid-4-hour chart. That suggests a balance between supply and demand. A tight integration near the all-time high is a bullish sign because it shows consumers holding their positions as they expect another leg higher. Consumers will return to the command at a break and close to the top of $ 123,218.
On the other hand, a break and close to the bottom $ 115,500 can speed up the sale as short -term buyers rush to the exit. That could sink the pair to $ 110,530, where consumers are expected to enter.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
