Trust is a good thing
Editorial policy focused on accuracy, relevance and impartiality
Expertly created and reviewed by professionals in the field
Reporting and Publishing at the highest level
Editorial policy focusing on accuracy, relevance and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin currently trades around $107,000 after bouncing off a The price of Bitcoin fell to $99,000 early this week. However, its growth is now being limited just below a major resistance zone. On the chart of the one-hour time frame, technical analysis indicates that Bitcoin is beginning to form into a wedge shape. According to crypto analyst Daan, the price will decide whether the cryptocurrency can reach its latest all-time record.
Read Related Articles
The Wedge Form Stalls the Bitcoin below $108,000
As shown on the chart for one-hour candles, Bitcoin has consolidated within a downward wedge pattern in recent days. This consolidation came after Bitcoin rejected Just above $108,000 was spent on the 26th of July.
Note that this pattern formed below $108,351 which is the old all-time level and an important support point for the current range. Price action is tightening, resulting in lower highs that squeeze the price range. Furthermore, on-chain trading volume has been relatively stable Throughout this consolidation, there is no strong directional bias yet.
According to Daan’s analysisThis type of setup, while it could result in a big breakout, may take time to be resolved. “It has been pretty choppy,” The analyst said. Bitcoin’s multiple rejections at levels just below $108,000 on one-hour chart shows the lack of market confidence.
One Clean Break Over $110k Can Change Everything
Although the movement of the wedge has been relatively modest in short-term terms, it is still a very active market. pattern is building pressure. The beginning of an even larger movement could begin with a confirmed break above the upper resistance, particularly if the close is decisive and goes beyond $108,000. On longer timeframes, this close will be more convincing.
Crypto analysts recommend zooming out and looking at larger timeframes to wait for that break over the $108,000-$110,000 region. The proper break of Bitcoin above this range would Also, altcoins will be able to have a wider impact on the market.
Bitcoin, according to the analyst, is still stuck in what he calls a “massive resistance in a larger range.” This scenario puts the cryptocurrency at risk for another downward volatility. Especially if support is lost at the lower edge of the wedge.
Read Related Articles
Bitcoin was trading around $107 447 at the time this article was written. Bitcoin bulls are now faced with a narrowing of the price range, even though the hourly chart shows resiliency in recovering from intraday prices near $106,200. Bitcoin’s wedge pattern indicates it is about to make its next move. whether it will be upward or downward It depends on the price’s reaction to the wedge borders and the $108,000 support line.
Chart from TradingView, image from Unsplash
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
