$BTC bullish structure despite a pullback from the $112,000 level. The support range near $106,000 to $107,000 is solid, showing sustained buying pressure. The low volume of the latest red candle shows a lack of seller confidence, reinforcing the underlying bullish sentiment. The key resistance level remains at the local high of $112,000, and a break above this resistance level with significant volume would indicate the start of a new uptrend. The accumulation near $107,000, if sustained, could provide a favorable entry point for a long-term layout.
Bitcoin’s 1-hour chart shows a mixed range-bound environment with a slight upward bias. Price action has repeatedly found support near $108,000 and encountered resistance near $110,000, highlighting the market’s hesitation. Volume remains light, suggesting a potential pause before a larger directional move. There are scalping opportunities for day traders between $108,000 and $110,000. Closely monitoring the price action around these levels can inform short-term trading decisions.
Technical oscillators are providing mixed signals, reflecting the tentative posture of the market. Among these oscillators, the relative strength index (RSI) at 65, the stochastics at 73, the commodity channel index (CCI) at 79, the average directional index (ADX) at 31, and the Awesome oscillator are all showing neutral readings. However, the momentum at 2,545 and the moving average convergence/divergence (MACD) level at 3,510 both indicate selling pressure. These divergences indicate weakening upside momentum, reinforcing the importance of support holding.
On the contrary, the moving averages are showing mostly bullish conditions across the periods. The exponential moving averages (EMA) and simple moving averages (SMA) of 10, 20, 30, 50, 100, and 200 periods are all suggesting bullish conditions. For instance, the 10-period EMA and SMA at $108,082 and $108,561, respectively, are below the current price, providing immediate support. The long-term 200-period EMA at $90,251 and SMA at $94,466 further solidify the bullish foundation. As
