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Bitcoin’s price promotion In the last 24 hours it has slowly seen it Retreating from the $ 104,000 zone It started the week. This reach has become particularly important because Bitcoin continues to flirt with levels that are last seen during the recent push to new all-time highlights. Bitcoin’s price movements about the Have been sharpened in the past two daysAnd the candlestick behavior on the weekly graph has led to a doji formation on the weekly candlestick time frame, an indicator of indecision.
Interesting is that a technical analysis of crypto analyst Tony “The Bull” Severino has emphasized critical levels to see if the Bitcoin price is price become a Bearish either still becoming bullish.
Mixed signals: Why the current resistance zone is crucial
Crypto analyst Tony “The Bull” Severino shared a graph and in -depth split The social media platform X points to horizontal support and resistance levels as the most important technical indicators in his vision. As shown on his weekly Bitcoin graph, the leading cryptocurrency is now against a well-defined resistance zone just below his all time, clearly marked in red. The proximity to this level to his all time high means that it can act as a ceiling, making it an important area to pay attention to a breakout or a reversal.
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Tony outlines three possible interpretations for the current market structure on the resistance level of $ 108,000. The bullish case depends on Bitcoin, which consolidates under resistance, a pattern often followed by upward continuation. The neutral case is that Bitcoin could form a wide trading range, in which case it makes sense to make the market too short in the event of resistance and at the same time almost buy support. On the bearish side, the presence of a doji candlestick on this most important level can be a sign of fading momentum and a Early signal from a price reverse.
His trade strategy reflects this uncertainty. He has placed short positions in the red resistance zone, with a stop loss just above the all time. At the same time, he has set a stop-buying order in the Green Breakout zone above the all time high, ready to change long if the Bitcoin price is convincing through the resistance.
Conditions for a bullish breakout are not yet met
Although Tony noted that the wider investment market, including altcoins and the stock market, looks strong, he warned that this does not guarantee a bullish breakout for Bitcoin. For confirmation, a bullish breakout must be preceded by coordinating various technical indicators. These include an outbreak with a substantial trade volume, a RSI reading above 70 on the weekly graph and a weekly close to the upper Bollinger band.
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At the moment, however, the Bitcoin CME Futures graph has not transferred more than 70 to the Daily RSI twice, and the trade volume has decreased. According to Coinmarketcap, Bitcoin’s trade volume in the last 24 hours is $ 44.33 billion, a reduction of 11.40% compared to the previous 24 hours. These are early warning signals that an attempt at an outbreak may be missing the power needed for sustainability.
Nevertheless, the circumstances are still very mixed and begin lean more bullish than bearish. At the time of writing, Bitcoin acts at $ 102,352, with 1.31% in the last 24 hours.
Featured image of Pixabay, graph of TradingView.com