šØ Bitcoin ($BTC ) begins to rebound to a price range of $105K
After touching a daily high of $105,866, Bitcoin ($BTC) is currently trading around $105,300, recording a slight increase of +0.97% in the last 24 hours.
Technically, the price movement in the last hour indicates:
* The current price is below EMA(13) and EMA(21) ā short-term pressure from sellers is beginning to emerge.
* The candlestick structure shows potential consolidation after rejection from the $111,980 level, which is a strong local resistance.
* RSI(6) is currently at 42.91 ā has not touched the oversold area, but indicates weak momentum.
Stochastic also appears to potentially form a dead cross if there is no new push from buyers, indicating that short-term traders are beginning to take a defensive stance.
However, it should be emphasized:
* BTC is still holding strong above EMA99 at $96,235 ā which means that macro-wise, the uptrend structure has not really been broken.
* Historically, minor corrections like this often serve as a consolidation phase before continuing to rise as long as it does not break down below the main support of $100K.
š DISCLAIMER : Not Promotion & Not Financial Advice
