After a strong outbreak last week Bitcoin pushed up a new level ever From 118,667 dollars, it appears that the world’s leading cryptocurrency is taking a break. As of the time of writing this report, Bitcoin is traded at $ 117,953, just less than its last peak. This step was followed by a series of consecutive daily gains, as it swept the bullish momentum through the encryption industry.
In a joint technical analysis on the TradingView platform, a Crypto Rlinda analyst indicated On how bitcoin interacts For nearby resistance and support levels.
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Support areas may affect the upcoming Bitcoin step
RLINDA Technical The analysis begins Deize the importance of Bitcoin recently. Although Bitcoin has entered what appears to be a standard of unification, there is no certainty yet. Market structure It is still preferable to continue up, Especially given that bitcoin just comes out of a long -term unification area and enters the perception stage.
According to the candle price scheme for an hour, Bitcoin is currently trading over a little support area of $ 117,500. If Bitcoin fails to keep this area, the leading cryptocurrency can start A series of corrections that can Pay the price to 115,500 dollars, then it is likely to reach $ 11,4300, and even return to the highest level ever at 111,800 dollars.
Less than that, 0.5 and 0.705 Fibonacci levels may be approximately $ 113,031 and $ 111,960, respectively, as temporary pillows. The last main defensive purchase area is about $ 110,400, as bulls may interfere to wear. Basically, what this means is that if Bitcoin loses support level at $ 115500, it may return to $ 110,000 before facing another strong support zone.
Bitcoin to 125 thousand dollars, but it must penetrate the resistance first
On the other hand, Bitcoin can still pay more than $ 118,000 and an increase to $ 125,000, but only under certain circumstances. The case of continued assembly depends primarily on bitcoin registration to record a decisive daily closure above 118,400 dollars and 118,900 dollars. As she put it, the daily closure over these price levels will hint at the “structure of the structure”. This, in turn, will confirm the transition from monotheism to Other rush stage up.
In the essence, Both of the declining expectations and joy It depends on how Bitcoin interacts in any of the important areas, either support at $ 116,700 or resistance exceeding 118,400 dollars before taking a directional movement. However, it is important to note that monotheism after the march last week may last for weeks or even months, as we saw in the previous gatherings in this session.
According to net profit and unrealized loss in the long term (NUPL) Glassnode scale, The current level of Bitcoin is 0.69. This is less than the 0.75 brand associated with negative market conditions, although bitcoin has just printed the highest new level ever.
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Bitcoin spent about 228 days over the 0.75 ecstasy threshold in the previous bull market. On the contrary, this current cycle has not only seen about 30 days above this level, indicating that their long -term holders have not yet completely went out to profit and the leading cryptocurrency has not reached fountain conditions.
Distinctive image from Unsplash, tradingvief chart
The post Will It Blast Through $125,000 Or Slip Back To $110,000? first appeared on Investorempires.com.
