CryptoWzrd, in its latest daily technical prospectsnoted that Bitcoin managed to close in the green, but the candle remains indecisive, indicating that a clear reversal is yet to occur. He added that more healthy bullish candles are needed to confirm a shift in momentum. For now, his focus is on the lower terms, where he plans to look for the next long opportunity once the current position is secured.
The indecisive daily close reflects market uncertainty following CPI data
Crypto analyst CryptoWzrd started his analysis by noting the ambiguity in the recent price action, stating that the daily Bitcoin candle closed indecisive even though it was green. The primary focus this past week has been on the traditional weekly candle close following the release of the US CPI data. Meanwhile, the weekly candle also closed without clear direction, leaving the overall market structure ambiguous.
The analyst defined a clear condition for the rally to continue. BTC’s ability to move higher is entirely dependent on holding above the USD 110,500 resistance level. Maintaining this key bottom should generate enough positive momentum to propel the market further upward, targeting key resistance at $120,000, and possibly higher if conviction remains strong.
However, if the price fails to hold $110,500, the market risks falling further. In this scenario, the analyst targets the key technical support level at $100,000 as the likely bottom for the subsequent correction.
Regardless of whether Bitcoin makes a bullish or bearish move, the analyst has issued a warning regarding the broader market. Over the weekend, most altcoins will not follow their own path, but will instead simply mirror the outcome of Bitcoin’s price action.
The health of the altcoin market is directly related to Bitcoin Dominance (BTCD), which according to the analyst is neutral on the daily chart. For altcoins to break away from Bitcoin’s pull and remain positive, the market needs more structural weakness in BTC.D.
About choppy price action and continued uncertainty
CryptoWzrd concluded the analysis by noting that intraday chart activity had been “somewhat choppy” all day, indicating a lack of clear directional momentum in the short term. Despite this recent consolidation, underlying expectations remain optimistic.
Looking ahead, the analyst predicts further upside move towards the $115,300 resistance in the near future. At this stage, the market has taken the necessary steps, and the next step is simply to wait for the market to play out and confirm its push towards the crucial resistance target at $120,000.