Bitcoin- Something is Rotten in Denmark- Cause of Concern?
In my previous BTC analysis, I mentioned that "it's about time for the price to do something" and highlighted that a breakout above 107k could trigger accelerated upward momentum, potentially leading to a significant new all-time high with a measured target in the 130K zone.
However, following days of low volatility, Bitcoin has started to decline instead of breaking through the resistance.
Overall, the situation is starting to look unfavorable. Despite the positive news surrounding crypto marklet, Bitcoin's inability to break resistance and reach a new ATH is anything but bullish.
From a technical perspective, as of now, the price is hovering just above a local support level.
If this level breaks, it could once again expose the 90K confluence support. Given the current conditions, this seems like the most likely scenario.
In my opinion, if you’re a speculator, the best approach right now is to stay on the sidelines and observe how the market develops.
However, following days of low volatility, Bitcoin has started to decline instead of breaking through the resistance.
Overall, the situation is starting to look unfavorable. Despite the positive news surrounding crypto marklet, Bitcoin's inability to break resistance and reach a new ATH is anything but bullish.
From a technical perspective, as of now, the price is hovering just above a local support level.
If this level breaks, it could once again expose the 90K confluence support. Given the current conditions, this seems like the most likely scenario.
In my opinion, if you’re a speculator, the best approach right now is to stay on the sidelines and observe how the market develops.
Trade closed: target reached
90k target reached
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💎 Crypto Channel:
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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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.