Key points:
Bitcoin (BTC) After failing to cross the $109,000 mark on Sunday and Monday, it returned to $105,250 on Tuesday. Bitfinex analysts say in market report Bitcoin may have formed a local top Or a merge period may be entered.
Let’s look at the charts to identify key support and resistance levels to be noted.
Bitcoin price forecast
Bitcoin has been sandwiched between the downward line and the moving average, indicating that the range may be expanded in the coming days.
The moving average is slightly edged towards the bull, but the relative intensity index (RSI) near the midpoint indicates a lack of bullish momentum. If the price slips and remains below the moving average, the BTC/USDT pair could fall to $104,500, below $100,000. Such a move keeps the pair in the bearish triangle pattern.
If the price rebounds from the moving average and rises on the downtrend line, the bearish setting will be invalid. This may push the couple’s neckline in head and shoulders pattern.
Related: Bitcoin targets $200k into the “cautiously optimistic” area with profit metrics
The two broke the break at the moving average, indicating short-term traders’ profit bookings. Buyers are expected to do their best to defend the $104,500 level for the $104,500 level, because if their efforts fail, the couple may fall into psychological support for $100,000.
The first sign of intensity will be a breakout above the 20 exponential moving average. This clears the path to the rally to the downward trend line, and the bears are expected to step in. If the buyer pierces the downtrend line, the two could challenge the all-time high at $111,980.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
