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Bitcoin has in the past three days floated between $ 103,000 and $ 104,500Creating a narrow channel after a remarkable rally that saw it above $ 100,000 last week. Technical analysis of the daily candelae diagram shows the formation of a small impulsive wave of $ 103,000, which can mark the last end of recent consolidation and the start of a new rally to new highlights.
In particular, recent price promotion in the past 12 hours, the Gradual end of consolidation“ And the attention is now to the next Psychological level at $ 110,000.
Analyst sees breakout as a signal for upward continuation
In a message The social media platform X, Crypto Analyst Credibull, explained the logic behind its current long trade setup, pointing that Bitcoin has been demolished from his three -day consolidation zone with an early boost that started at the level of $ 103,000. His analysis predicted that this movement could be the start of a much larger leg up, especially if the current price structure of stand comes without falling back into a local demand zone between $ 101,000 and $ 102,000.
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According to Credibull, the current trade has a clean invalid level just below the impulse roam, which makes a tight stop loss possible. This setup yields a high reward-risk ratio of more than 5: 1, with an upward target of $ 110,660, as illustrated in the graph. If this outbreak is real, it can be a signal that Bitcoin is preparing for an aggressive push in the direction of new all-time highlights.
On the other hand, Credibull warned that if the current movement turns out to be a deviation and the price falls under the impulse distress, the focus must shift to the local demand zone around $ 101,800. The graph supports this with a clearly marked green area with the label ‘Local Question’. This is the next major support if Bitcoin -Bulls fail to maintain the current price levels.
$ 110,000 Bitcoin -target in sight with increasing market momentum
According to the Crypto analyst, his prediction from the next step to $ 110,000 has at least a 20% chance of playing. These opportunities are quite fun, given the unpredictable nature of the cryptomarket.
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In particular, the price promotion in the last 24 hours has again broken the leading cryptocurrency more than $ 105,000, with a peak at an intraday highlight of $ 105,503 before it lights lightly. This movement reinforces the case that recent consolidation phase may be completed, And a successful movement above $ 110,000 before the end of the week is underway.
At the time of writing, Bitcoin acts at $ 104,428. A successful rally for the objective of $ 110,660 would be a profit of 6% compared to the current price, while the downward risk below the level of $ 103,000 is concluded.
Featured image of Getty Images, Chart van TradingView.com