On the daily timeframe, we notice a harmonic reversal pattern forming. It has now reached Point D around $107,000, a historical resistance area.
Key Technical Points: • The price is at the pattern completion area (D), which is likely to begin a corrective movement. • Trading volume remains relatively low despite the uptrend, weakening the chances of continued momentum.
• Confirmation of the decline requires a clear break of the support areas of 103,900 and then 101,000.
• Bitcoin reached strong resistance areas between $105,000 and $109,000, but failed to break through, and momentum began to show a clear weakness.
• The short-term uptrend has been broken, and it is now trading at $102,500. With the lack of buying momentum in these areas, we are beginning to see signs of a potential reversal.
• The most likely scenario currently is the start of a downward correction targeting the $79,000-$74,000 areas, which are considered a pivotal support area in the short to medium term.
• The declining trading volume despite the rise supports the weakness of the current upward trend and confirms the possibility of a correction
Frame: Daily Current Price: $172.77 General Trend: Strongly Bullish Technical Condition: At Psychological Resistance, Signs of Momentum Slowing
⸻ 1. Key Levels at the moment:
• Current Resistance: 180 – 185 (Previous High + Repeated Selling Pressure) • Potential Support (Retest): 162 – 153 (Average Crossover Area) • Major Support: 146 – 135 (Clear Pivot Bottom)
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2. Indicator Signals:
• RSI: At 74.29 → Overbought, Market Needs a Little Calm
MACD: Still positive but near previous highs. • Averages: The price is above all of them → the trend is still strong.
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3. If you are positioned:
• We are nearing fierce resistance; take a partial break at 180–185 if we reach it. • Keep a portion open if 190 is breached with a clear close. • Monitor levels 162 and 153 for a retest… it could increase again.
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4. If you are outside the market:
• Don't enter now… entering near resistance is clearly risky • Monitor the 153–162 level as an opportunity in case of a correction. • Enter with a clear technical signal, not just desire.