๐ #BTC Daily Analysis
๐ฐ Current Price: $108,635
๐ธ ๐ Very strong resistance at the blue descending trend shown in the chart
โช๏ธ It has been tested multiple times previously (shown in yellow circles) and the price has failed to break through it so far
โช๏ธ Forms a neck line for horizontal resistance + descending trend
๐ Current Trend
โ ๏ธ The price is facing selling pressure every time it approaches 110k
๐ ๐ Important Technical Levels
Resistance
โข 111,000$ โ Psychological and technical barrier
โข 117,000$ โ Fibonacci extension 1.272
๐น Support:
โข 105,000$ โ Support from which the price previously rebounded
โข 100,000$ โ Psychological and technical support + Fibonacci 0.786
โข 96,000$ โ 200-day average support
๐ ๐ In case of failure again at 110k_111k
๐จ We might see a correction towards 105k then 100k
๐ However, in case of a strong breakout above 111k with a daily close, we might see targets:
โ 115k then 120
๐ง Conclusion:
The market is in a very critical area
โ๏ธ Either a historic breakout above 111k, or a downward rebound towards support levels
๐ Close monitoring is necessary, and a true breakout requires strong trading volume + clear closing
๐ Final Advice
๐ซ Do not enter a buy now at resistance
โ Wait for confirmation of breakout or a clear rebound
๐ฌ โCaution at peaks is wiser than impulsiveness
