Technical Analysis
Bitcoin has retreated to the $93,800 level, which was previously entered by buyers, leaving behind long low wicks on the last candles. This area also coincides with an ascending trend line that has consistently acted as support in previous pullbacks. In addition, the price is forming a sideways channel, approaching the oversold area, which could indicate a potential recovery if the buying momentum gains momentum.
If Bitcoin finds support from the ascending trend line at this level, it could return to the $98,000 area in the near term. Bitcoin has not been able to open a price bleed on a direct downward path, but as we can see there is a cautious decline, and a retracement area several times, so Bitcoin price may resume new targets in the future, which are located at 105,000 and 110,000, which is the step that the price will reach in the near term, with a major resistance area. 108,000 A break above these levels could strengthen the bullish momentum.
It will work to liberate the areas of
114,000
117,000
120,000
123,000
However, if the BTCUSD pair fails to hold above this support, with the downward pressure, it may open the door for further declines, indicating a deeper correction in the market.
Trading recommendations
Trading direction: Buy
98,540. $ Entry
86,120. $ Stop loss
100,000 TP 1
103,000 TP 2
106,000 TP 3
Bitcoin has retreated to the $93,800 level, which was previously entered by buyers, leaving behind long low wicks on the last candles. This area also coincides with an ascending trend line that has consistently acted as support in previous pullbacks. In addition, the price is forming a sideways channel, approaching the oversold area, which could indicate a potential recovery if the buying momentum gains momentum.
If Bitcoin finds support from the ascending trend line at this level, it could return to the $98,000 area in the near term. Bitcoin has not been able to open a price bleed on a direct downward path, but as we can see there is a cautious decline, and a retracement area several times, so Bitcoin price may resume new targets in the future, which are located at 105,000 and 110,000, which is the step that the price will reach in the near term, with a major resistance area. 108,000 A break above these levels could strengthen the bullish momentum.
It will work to liberate the areas of
114,000
117,000
120,000
123,000
However, if the BTCUSD pair fails to hold above this support, with the downward pressure, it may open the door for further declines, indicating a deeper correction in the market.
Trading recommendations
Trading direction: Buy
98,540. $ Entry
86,120. $ Stop loss
100,000 TP 1
103,000 TP 2
106,000 TP 3
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.