As shown in the figure above, the current BTC has reached the third resistance level.
From bottom to top:
The first circle represents the consolidation after breaking the bull flag.
The second circle represents the upward continuation consolidation after returning above the trend line.
Currently, we have arrived at the position of the third circle, the resistance area of the extended speed resistance line, previously mentioned as the 103000-104000 area. This position should be noted, as it is a relatively important previous extended resistance position. If it cannot break through, it will continue to consolidate. If it breaks through, the next position will be the upper track of the speed resistance line at 120,000 USD.
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For those who still don’t understand, I will explain this round of analysis again. The price dropped to 75,000, based on the bull flag pattern and forming a triple bottom divergence. I said BTC has completed its last downward structure. The medium-term trend is bullish from 75,000 to 120,000 USD. Then I analyzed the first rebound position in the short term, which is the black trend line around 94,000. Upon reaching the 94,000 black trend line, I analyzed that it has broken through the black trend line and started to oscillate. This can be seen as an upward continuation state, with the next position around 103,000-104,000. I have made specific indicators and logical analyses at each position in conjunction with the chart and technical aspects, and I also mentioned the next position that may appear, with an accuracy rate of almost 100%.
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