#BTCReclaims101K Technical analysis of Bitcoin relates to the use of indicators and historical price data to predict the next trend. If you are concerned about the price level of 101,000 USD, this is a significant milestone and you need to consider the following factors:
1. Support and resistance
Important resistance: The 101,000 USD level will be a psychological resistance threshold. If Bitcoin surpasses this threshold with high trading volume, the likelihood of a strong upward trend will continue.
Nearest support: Observe previous support levels, such as 95,000 USD or 100,000 USD, to assess the likelihood of price bouncing back when it decreases.
2. Moving averages (MA)
Short-term MA (MA50): If the current price is above the MA50, this indicates a strong upward trend.
Long-term MA (MA200): If the MA50 crosses above the MA200 (Golden Cross), the long-term upward trend is confirmed.
3. RSI (Relative Strength Index) indicator
RSI > 70: The market is in an overbought state, and a correction may occur in the short term.
RSI 30-70: The current trend is stable.
4. Trading volume
High trading volume at the current price level indicates strong interest from investors, supporting the upward trend.
5. Fibonacci Retracement
Use Fibonacci to identify potential resistance and support levels (e.g., 0.618 or 1.618 are key levels in the upward/downward trend).
6. Market sentiment
Hashtags like
#BTCReclaims101K indicate positive sentiment from the community. However, be aware of the possibility of a correction after a strong increase due to the phenomenon of "profit-taking".
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