🔍 A precise analysis of the trend towards the aforementioned target:
✅ 1️⃣ General trend:
We observe from the daily candles in the chart a clear upward movement that started from the low at $74,457.
The price is currently at $105,600, a significant rise of over 40% from the previous low.
This rise reflects strong market momentum (Bullish Momentum).
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✅ 2️⃣ Bollinger Bands Indicators:
Upper limit: $116,236
The current price is close to the upper midpoint, indicating the continuation of the trend towards the upper limit.
The Bollinger bands have begun to expand (divergence of the two lines), indicating increased price volatility, which is normal in a bullish wave.
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✅ 3️⃣ Relative Strength Index RSI (6):
RSI at 63.03, which is in the positive zone, but has not yet reached the overbought level (70).
This indicates that there is room for upward movement before reaching the 'overbought' area, which may slow down the movement later.
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✅ 4️⃣ MACD Indicator:
The fast line (DIF) is above the slow line (DEA), and the difference is positive (around 885).
This indicates the continuation of the upward trend and no signs of reversal in the short term.
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✅ 5️⃣ Trading volumes:
Very high trading volume (above 300,000) compared to previous periods, supporting the upward trend and reducing the chances of sharp retracement in the short term.
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✅ 6️⃣ Support and resistance areas:
The primary first resistance: $107,500 (appeared in futures data).
Important support: $98,774 (Bollinger midpoint).
If $107,500 is firmly broken, the path becomes clear to reach $116,236, which represents the upper limit of the price channel.
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💡 Technical summary
🔷 The price is in an upward trend supported by strong technical indicators (Bollinger Bands – MACD – RSI).
🔷 Approaching the upper limit of the channel ($116,236) reflects the possibility of achieving this level if the positive momentum continues.
🔷 The main current resistance is $107,500 – it should be monitored as it may cause a slowdown before jumping to $116,000.
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✅ Summary: 🔔 Current trend: Bullish.
🔔 Target level: $116,236.
🔔 Supporting factors: Bollinger expansion, positive MACD divergence, RSI below 70, high trading volume.
🔔 The only obstacle before reaching: resistance at $107,500 – if broken, reaching $116,000 becomes likely.
