Is Bitcoin’s falling streak coming to an end? Rising lows are paving the way for $115,482, Bitcoin’s price is still holding above $100,000, although the negative trend last week has created uncertainty among investors, Bitcoin’s price has seen sharp fluctuations in daily trading volume as investors are uncertain about the future.
Some experts are predicting further price declines, but renowned crypto analyst Master Ananda believes that Bitcoin’s price will continue to rise. According to Master Ananda, Bitcoin’s price fell to $100,000 after the market crash on June 13, but the barrier above $102,000 stopped the downward trend, which is a sign of the end of the bearish movement.
The price then continued to trade above the 0.618 Fibonacci retracement, which is a sign of bullish strength. Furthermore, the price has crossed key technical levels such as EMA34, EMA21, 3MA13, and EMA8, which indicate a positive trend in the market. If Bitcoin maintains its current levels, the cryptocurrency could rise further, but if the price falls, the next strong supports will be $104,533 and $104,282, which are near the 0.618 Fibonacci retracement.
On the other hand, resistance levels are also important, the price must cross resistance levels like $106,625 and $107,559 to start a strong rally, If the $107,559 barrier is also broken, the next resistance will be at $108,989 and then $110,586, where the performance of the bulls will decide whether the price will reach a new record level of $115,482 or fall back to near $100,000,
According to Master Ananda's analysis, Bitcoin's trend on the 1-hour chart is bullish, as confirmed by price action, candlestick patterns, highs and lows, moving averages, and oscillators. Thus, current technical indicators show that Bitcoin's downward trend is ending and heading towards a new high....
Note: This post is just for Education. Its not financial advise for anyone. Do your own research before trade.
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