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Bitcoin is Show signs of fatigue After reaching a new highlight of $ 111,814 on 22 May. Since then, Bitcoin has had several failed attempts to break above this level, which has led to an increase in the Bearish pressure.
In recent days, the price action has started forming a series of lower highlights on the 4-hour period, which according to the technical analysis on the HandelsView platform is interpreted as a signal that that Bullish Momentum can lose steam.
Resistance refuses again with double top risk
The analyst Behind the Trading Spoorpost emphasized the clear rejection pattern near $ 111,000 to $ 112,000 zone, which Bitcoin has repeatedly tested since last week, but has not succeeded in breaking through. This repeated failure to break higher says that Bullish Momentum is rapidly fading, especially since the buyers of the retail trade are now Slightly hesitant to buy in this zone.
Related Reading: Crypto Market Today: 5 Bullish Catalysts to see that Bitcoin Price is going higher
According to the graph analysis, the current price movement is starting to look like a traditional double top structure, which is a technical formation that often shifts from Bullish check for Bearish Dominance. Given the weakening sequel to any upward attempt, this setup could be the early signal of a more significant market in the coming days.
With this in mind, the analyst illustrated these prospects with a projected zigzagpad on a 4-hour candle-time frame graph, anticipating that another rejection of the resistance bond could activate a step-by-step movement down. Moreover, these several rejections have led to a simultaneous weakening of the support of around $ 105,000, and this level could soon give way to any time.
Bitcoin can fall to $ 102,000 support zone
If this projected Zigzagpad takes place, the price of Bitcoin could break lower in the coming days and go to a support area between $ 101,000 and $ 102,000. This zone comes into the picture because it acted as a strong level of support between May 14 and May 19. Bitcoin eventually found a foot around this level to have a rebound in the stage that eventually pushed it to the all-time high of $ 111,900 that was reached on 22 May.
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Although the story of the bullmarkt is still dominant in the long termThe current price promotion has shifted the short -term tone of the market to Bearish. This analysis deals with that potential, and Bitcoin could view the $ 101,000 to $ 102,000 for another leg.
At the time of writing, Bitcoin acts at $ 105.272, with 2.5% with 2.5%. The support level of $ 106,800 has already taken place and the focus is now on retaining $ 105,000. If Bitcoin in the upcoming trade sessions does not exceed $ 105,000, this can lead to a step -by -step decline to $ 101,000 during the weekend.
Featured image of Getty Images, Chart van TradingView.com