Bitcoin risks are ‘ugly’ correction to $ 103k while the BTC’s basic price major support failed
Key Takeaways:
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Bitcoin needs a weekly near above $ 114,000 to avoid a deeper correction and re -confirm bullish strength.
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Failure to hold $ 112,000 and a bear breakdown can resort to falling to $ 103,700.
Bitcoin (Btc) a “ugly” correction should be avoided at a lower level if the BTC/USD ends on the week above $ 114,000, according to entrepreneurs and analysts.
Why the Bitcoin price should get $ 114,000
Bitcoin’s price goes for the third week of losses in a row, 11% to its August 14th All-Time High $ 124,500every data from Cointelegraph Markets Pro and Tradingview.
Bitcoin dropped below the important level of $ 114,000A level that has supported the price over the past six weeks, as shown in the chart below.
Related: Bitcoin’s Megaphone’s Pattern Target $ 260k while BTC prices shout ‘Oversold’
The BTC price must flip this level with support to confirm the strength of the uptrend, according to Trader and YouTuber Sam prices.
“The Bitcoin Bulls defends $ 109k support carefully,” price Says In an X post on Thursday, adding:
“A weekly near above $ 114k will be big.”
The Long Wick below $ 109,000 The “solid pressure purchase,” suggests that bulls are aggressively defending this support level.
Very popular analyst rect capital Says That is important for Bitcoin to get $ 114,000 as support to avoid a prolonged period of correction.
“The $ 114K in the new objection will take longer during the pullback,” the analyst said in a post of Thursday X, adding:
“It became a cycle of downside deviation, so it all dropped to the weekly bitcoin weekly above $ 114K for bullish bias.”
Bitcoin Bears wants to pull price up to $ 103,000
As cointelegraph reportedBitcoin price price depends on handling above $ 112,000.
Similar feelings were shared by MN Capital founder Michael Van de Poppe, who saw Bitcoin trading at $ 112,800 on Thursday and Says that support of $ 112,000 is “important” for the price of BTC.
“If Bitcoin couldn’t hold above $ 112K, we would probably deal with a very ugly correction across the board.”
Bitcoin sank below this support on Friday, confirming a bear flag on the four -hour chart, as shown below.
A Bear flag suggests a continuation of the bearish momentum, with the control of the sellers.
Note that the price was rejected from the upper border of the flag, which was around $ 114,000, and dropped below the lower border, which at the same time as $ 112,000.
The measured target transition from the pattern suggests a potential decline to $ 103,700, representing a 6% decline from the current level.
The KaMag -Kaba -child index -child -child Stays below the mid -line, confirming the bearish momentum.
Liquidation data Shut up Bid clusters up to $ 104,000, suggesting that BTC prices are likely to sink deeper to get the liquidity at this level.
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.
