Configuration Update

With the help of peak and trough indicators, the latest update for Bitcoin at prices of 106,700, which we mentioned its selling importance, caused the price to drop by more than 5,000 points, reaching the lower trend area of the blue channel from which the price also rose in a bullish rebound to the current prices.

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The current area is critical and very important for Bitcoin; it is a significant Fibonacci zone of 0.5 and 0.61 where it can rebound downwards. If a downward rebound occurs and the price breaks below the 100,000 area, a strong downward cascade and a collapse in Bitcoin prices could happen. The second scenario is if the upward rally continues and the price breaks through the resistance area in yellow, the price would have taken a distinctive positive turn, and we would ride an upward wave to new peaks towards 115,000.