Bitcoin recently hit the $111,000 mark, sweeping up buy-side liquidity, and then showed signs of a pullback. As the market pauses after a strong rise, technical and on-chain indicators suggest a possible pullback or consolidation phase, and traders are now eyeing key levels for the next move.
Daily K-line technical analysis:
The daily RSI has also retreated and is currently hovering around the neutral 50 area, indicating a weakening of momentum. The 100- and 200-day moving averages remain bullish below the price (in the $95,000 to $90,000 range), and there is a clear fair value gap (FVG) between $101,000 and $98,000, which may form a magnetic force on the price in the short term, but it may also become a demand area that drives the asset up after a breakout.
Despite the resistance at $111,000, buyers remain structurally dominant as long as the asset remains above the $91,000 demand area. If FVG is filled and the pullback is strong, it could set a new low and again set the stage for a hit to the $111,000 to $114,000 resistance area.
Short-term key signal analysis:
Short-term traders should keep a close eye on the medium-term and recent swing lows near $102,000. A break below this level could trigger a more drastic pullback towards the $100,000 support level. On the other hand, a re-break of the $108,000 mark could invalidate the short-term bearish pattern and open the door for a retest of the range highs and possibly another break above $111,000. However, as things stand, the market could experience a deeper pullback in the coming days.
BTCUSD 
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Daily K-line technical analysis:
The daily RSI has also retreated and is currently hovering around the neutral 50 area, indicating a weakening of momentum. The 100- and 200-day moving averages remain bullish below the price (in the $95,000 to $90,000 range), and there is a clear fair value gap (FVG) between $101,000 and $98,000, which may form a magnetic force on the price in the short term, but it may also become a demand area that drives the asset up after a breakout.
Despite the resistance at $111,000, buyers remain structurally dominant as long as the asset remains above the $91,000 demand area. If FVG is filled and the pullback is strong, it could set a new low and again set the stage for a hit to the $111,000 to $114,000 resistance area.
Short-term key signal analysis:
Short-term traders should keep a close eye on the medium-term and recent swing lows near $102,000. A break below this level could trigger a more drastic pullback towards the $100,000 support level. On the other hand, a re-break of the $108,000 mark could invalidate the short-term bearish pattern and open the door for a retest of the range highs and possibly another break above $111,000. However, as things stand, the market could experience a deeper pullback in the coming days.
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Good at solving all trading problems, doubling the account in a week, and making a stable profit of 300% in a month
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
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.