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Bitcoin has seen a price increase of over 50%. relatively stable in recent days, The current trading price is just below $107,000. briefly touching previous highs Around $108,000.
This is the backdrop to a popular Crypto analyst’s TradingView technical analysis. outlined a compelling Bitcoin daily chart showing a structural set-up. This analysis indicates that Bitcoin has entered a compressed phase, which could lead to an imminent breakout of $115,000 in the near future.
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Compression structure forming below $108,000 resistance
Bitcoin’s price action is currently following movements in traditional risk assets like the S&P 500 and Nasdaq, both of which have recovered following the recent de-escalation of The Middle East is experiencing geopolitical turmoil. Crypto analyst RLinda provided an update on TradingView, highlighting a structure setup forming in the D1 chart. She predicted a break-out to $115,000 if certain resistance levels were cleared.
According to RLinda Bitcoin is currently experiencing a period of compression, just below $108,100. The analyst calls this a “false breakout” above $100,000. This led to a short distribution, and is now in an accumulation zone. On the daily chart, the price movement has tightened within the $106,500 – $108,100 area since June 25. This is what the analyst describes as a temporary pause before the possible continuation of the growth.
This setup already has well-defined borders, with immediate resistance at $108,100 and support at $106,500. The next immediate resistance is around $110400. A break through this resistance will bring Bitcoin to within striking distance of the all-time high, $112,000 On the contrary, it is still possible for a temporary pullback to $105,650 in order to make a move up.
Bitcoin Price Levels To Watch
Bitcoin’s Price Action is really pressing on this Resistance level is around $108,000 building momentum for a breakout When the price levels give way, you can expect to see a rise in prices. Monitor the key resistance levels around $108,100 and $108,900. $110,400 is also a good level to watch. The breakout scenario is more likely as long as Bitcoin remains in the $106,500 to $108,100 range and the price of Bitcoin stays near the top.
Analysts noted that although there is no reason for the current decline in the weekly and daily candlestick charts at the moment, a temporary drop to $105,650 (or even $104,650) could be possible. cannot be ruled out. Even a small pullback will likely serve only as a test, but the overall setup remains intact.
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Bitcoin, at the time this article is written, has traded for $107 457. This represents an increase of 0.5% within the last 24 hour. The $108,100 trigger still remains. Bitcoin can easily reach $115,000 if it breaks the $108,100 threshold.
Image from Unsplash and chart from TradingView
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Source: www.newsbtc.com
