Price movement (109,449 USD, and a tight daily range between 109,276 and 109,761 USD) puts us directly in front of a technical fact that cannot be ignored: Bitcoin is in a critical consolidation area.
📈 What is the Bitcoin chart whispering today?
The daily Bitcoin chart is not whispering 'meh', but rather screaming 'the struggle of the major powers'! Here are the details of the heated technical scene:
1. Immediate resistance (ceiling): Bitcoin faces very strong resistance around the levels of $110,000 - $111,000, which represent in many analyses the break of a short-term bearish channel or a major supply area. A strong breakout of this range with high momentum will ignite the bulls' enthusiasm and push the price to test higher resistances at $113,600 and then $116,000.
2. Critical support (floor): Currently, the price enjoys good support around the psychological and technical area of $109,000 - $109,200. However, the most important and strongest support is at $107,600, followed by deeper support at $106,000.
3. Momentum Indicator (RSI): Some readings indicate that the Relative Strength Index (RSI) still suggests negative movement or at least confusion, as it is in a neutral zone. This reinforces the idea that the market is still waiting for a major catalyst.
Exciting summary:
This sideways movement is not boredom, but a preparation for an impending explosion!
• Bullish scenario: A daily close with a strong candle above $111,000 will confirm the end of the consolidation phase and start an upward wave towards higher levels.
• Bearish scenario: Breaking the support level of $107,600 may push sellers to take control and pull the price down towards $106,000, and perhaps even open the door for further deep correction.
Stay alert! Volatility is coming, and whoever controls these support and resistance levels will determine the market direction for the upcoming period.
Important note for followers: This analysis is for educational and technical purposes only, and should not be considered investment advice. Trading cryptocurrencies is risky and may lead to capital loss. Please
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