#BTC
Is the collapse of Bitcoin approaching? Or are we on the brink of an explosion towards $110,000? ๐ General Technical Overview โ BTC/USD on the H4 timeframe: The price of Bitcoin is trading within an ascending channel, but the loss of momentum is evident. We observe sideways movements between $103,000 and $106,000, indicating two opposing possibilities: โ Accumulating positions in preparation for a bullish breakout. ๐ป Or distribution before a sharp reversal downward. ๐ Fundamental Analysis: The recent rise is supported by news of ETF funds and institutional interest. A decrease in trading volumes, which may indicate the beginning of profit-taking by major investors. The rise in the US Dollar Index (DXY) and bond yields increases pressure on high-risk assets like cryptocurrencies. ๐ Important technical levels to watch: ๐บ Resistance zones: $106,000 โ the upper limit of the range $110,576 โ a potential target if a breakout occurs upward ๐ป Support zones: $101,775 โ the current range low $94,473 โ a strong demand zone + intersection with the EMA200 moving average $84,371 โ structural support in case of a deep correction ๐ Suggested trading plans: ๐น Short-term buy trade โ BUY SCALP: ๐ฅ Entry: $101,800 โ $102,000 ๐ Stop loss: $100,800 ๐ฏ Targets: $103,200 โ $104,000 โ $105,000 โ $106,000
