Technical Analysis of Bitcoin (BTC) – After
Break above $109,000
✅ Overall Trend: Strongly Bullish
Daily Trend:
Bitcoin continues to move within a strong ascending channel since breaking the previous resistance level at $92,000.
Moving Averages (MA50 and MA200):
The price is trading above both MA50 and MA200, reinforcing the bullish momentum in the medium to long term.
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📊 Technical Indicators:
Relative Strength Index (RSI):
The RSI is currently at 74, indicating overbought conditions, but this is normal within a strong upward wave.
Negative divergences are not clear yet, leaving room for further upward movement in the short term.
MACD Indicator:
The MACD line is above the signal line, with the gap between them widening, indicating the continuation of the bullish momentum.
No sharp reversal signals yet.
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📌 Important Technical Levels:
Immediate Support:
$104,500 – Strong support representing the last peak that was broken.
$98,000 – Medium support within the ascending channel.
Next Resistance:
$112,800 – Represents the Fibonacci level 1.618 from the last wave.
$120,000 – A psychological and historical level expected to witness some profit taking.
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🧠 Expected Scenarios:
Positive Scenario:
If momentum remains above 109K and the price stabilizes above 104.5K, we may see BTC quickly heading towards 112K then 120K driven by institutional liquidity.
Negative Scenario:
Breaking support at 104.5K may lead to a correction towards 98K, which is healthy within the overall bullish trend.
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📌 Note for Investors:
Despite the strong positive momentum, overbought signals warrant caution for short-term traders. Meanwhile, long-term investors may find corrections good entry opportunities.
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