Main Points:
Bitcoin (Btc) Back to $ 105,250 on Tuesday after failing to cross over a $ 109,000 mark on Sunday and Monday. Bitfinex analysts stated in a market report that Bitcoin may have formed a local top or may enter a period of integration -sa.
Let’s study charts to determine important levels of support and resistance to guard.
Bitcoin’s price prediction
Bitcoin has become sandwiched between the downtrend line and the transfer of averages, indicating a possible expansion of range in the coming days.
Surprisingly moving averages signals a slight edge to the bulls, but the Kamag -child Index Index (RSI) near the midpoint suggests a lack of bullish momentum. If the price slides and keeps below the moving averages, the BTC/USDT pair may fall to $ 104,500 and below $ 100,000. Such a move keeps the pair within the pattern of the descending triangle bearish.
The bearish setup is invalid if the price rebounds on moving averages and rising above the downtrend line. That can push the pair to the neckline of the opposite head-and-shoulders pattern.
Related: Bitcoin targets $ 200k while income metrics enter the ‘careful optimistic’ zone
The pair is damaged below the moving averages, indicating the booking of the short-term entrepreneurs. Consumers are expected to defend the $ 104,500 level in all they may have because if they failed in their efforts, the pair could sink into psychological support for $ 100,000.
The first sign of strength will be a rest above the 20-exponential transfer of average. That removes the path for a rally on the downtrend line, where the bears are expected to enter. If consumers pierce the downtrend line, the pair can challenge the full time high to $ 111,980.
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.
